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Fraud Audit Techniques Using Excel

Icon_Self-Study
Self-Study
Icon_Level
Intermediate
Credits
CPE Credits
1 Credits: Auditing
1 Credits: Computer Software & Applications

Course Description

Microsoft Excel provides some easy to use tools that can greatly enhance and expedite the fraud audit process. With all detective work, you want to be able to sift through a large volume of data and utilize a tool that is adequately flexible for you to perform immediate investigations of anything questionable. Excel provides a number of different tools however we are going to focus on a couple of extremely useful ones: Auto filter, Arrays as well as a couple of extremely useful functions that include TEXT(),WEEKDAY(), IFERROR(), IFNA(), MATCH() and MOD().
Another tool used in fraud audits that does not necessarily require Excel, but can be used in conjunction with Excel, is Benford’s Law.  Benford’s law is based on an observation that in certain large data sets, certain digits appear more frequently than others.  By comparing the distribution of first digits in some accounting data, this tool can assist you in determining where more investigation is necessary by helping to pinpoint where data may have been contrived through fraud.
There is an accompanying Excel file so that you can walk through all the exercises. Answer sheets immediately follow.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize and identify when Auto Filter and conditional formatting may be utilized to highlight exceptions
  • Recognize how to use VLOOKUP and IFERROR/IFNA  functions when comparing lists
  • Recognize different array formulas, lookup functions as well as a few other functions that are useful for comparing lists and displaying data
  • Identify and eliminate duplicate items
  • Identify gaps in a sequence using Excel
  • Recognize Benford’s Law and how it to use it

Course Specifics

Course ID
9219044
Revision Date
June 9, 2021
Prerequisites

None

Advanced Preparation

Excel 2013-Excel 2019, Office 365

Compliance information

NASBA Provider Number: 103220

Course Instructor

Patricia McCarthy Headshot
Patricia McCarthy, MBA

Patricia McCarthy, MBA, is a partner at CFO Resources LLC, a company focused on training and courseware for CPAs. Her focus is on Microsoft products, particularly Excel, and how to use these programs effectively in business. She’s also certified as an MOS expert in Excel. Patricia has been in software training for over 20 years, and her client list includes the Indiana CPA Society, which awarded her its Outstanding Discussion Leader award. She has been a contributor to the Journal of Accountancy and has published articles in several CPA society magazines, including societies in Indiana, Missouri, Texas, and Arizona. Patricia is a …

Patricia McCarthy, MBA Read More »

Joseph Helstrom Headshot
Joseph Helstrom, CPA

Joseph Helstrom, CPA, is a partner at CFO Resources, LLC, a company focused on training and courseware for CPAs. He’s also the owner of Mill Creek Publishing LLC. Joe has over 30 years of experience as a CPA in both public accounting and industry, with extensive experience in financial reporting and analysis, treasury, tax, information technology, legal and regulatory matters, and strategic planning. After graduation from Butler University with a degree in accounting, Joe got his start at Ernst & Young. Subsequent to that, he has served for several different companies as a chief financial officer; director of treasury and …

Joseph Helstrom, CPA Read More »

Fraud Audit Techniques Using Excel

Format
CPE CREDITS
1 Credits: Auditing
1 Credits: Computer Software & Applications

$58.00$78.00

Clear
Icon_Self-Study
Self-Study
Icon_Level
Intermediate
Credits
CPE Credits
1 Credits: Auditing
1 Credits: Computer Software & Applications

Course Description

Microsoft Excel provides some easy to use tools that can greatly enhance and expedite the fraud audit process. With all detective work, you want to be able to sift through a large volume of data and utilize a tool that is adequately flexible for you to perform immediate investigations of anything questionable. Excel provides a number of different tools however we are going to focus on a couple of extremely useful ones: Auto filter, Arrays as well as a couple of extremely useful functions that include TEXT(),WEEKDAY(), IFERROR(), IFNA(), MATCH() and MOD().
Another tool used in fraud audits that does not necessarily require Excel, but can be used in conjunction with Excel, is Benford’s Law.  Benford’s law is based on an observation that in certain large data sets, certain digits appear more frequently than others.  By comparing the distribution of first digits in some accounting data, this tool can assist you in determining where more investigation is necessary by helping to pinpoint where data may have been contrived through fraud.
There is an accompanying Excel file so that you can walk through all the exercises. Answer sheets immediately follow.

Learning Objectives

Upon successful completion of this course, participants will be able to:

  • Recognize and identify when Auto Filter and conditional formatting may be utilized to highlight exceptions
  • Recognize how to use VLOOKUP and IFERROR/IFNA  functions when comparing lists
  • Recognize different array formulas, lookup functions as well as a few other functions that are useful for comparing lists and displaying data
  • Identify and eliminate duplicate items
  • Identify gaps in a sequence using Excel
  • Recognize Benford’s Law and how it to use it

Course Specifics

Course ID
9219044
Revision Date
June 9, 2021
Prerequisites

None

Advanced Preparation

Excel 2013-Excel 2019, Office 365

Compliance information

NASBA Provider Number: 103220

Course Instructor

Patricia McCarthy Headshot
Patricia McCarthy, MBA

Patricia McCarthy, MBA, is a partner at CFO Resources LLC, a company focused on training and courseware for CPAs. Her focus is on Microsoft products, particularly Excel, and how to use these programs effectively in business. She’s also certified as an MOS expert in Excel. Patricia has been in software training for over 20 years, and her client list includes the Indiana CPA Society, which awarded her its Outstanding Discussion Leader award. She has been a contributor to the Journal of Accountancy and has published articles in several CPA society magazines, including societies in Indiana, Missouri, Texas, and Arizona. Patricia is a …

Patricia McCarthy, MBA Read More »

Joseph Helstrom Headshot
Joseph Helstrom, CPA

Joseph Helstrom, CPA, is a partner at CFO Resources, LLC, a company focused on training and courseware for CPAs. He’s also the owner of Mill Creek Publishing LLC. Joe has over 30 years of experience as a CPA in both public accounting and industry, with extensive experience in financial reporting and analysis, treasury, tax, information technology, legal and regulatory matters, and strategic planning. After graduation from Butler University with a degree in accounting, Joe got his start at Ernst & Young. Subsequent to that, he has served for several different companies as a chief financial officer; director of treasury and …

Joseph Helstrom, CPA Read More »

Fraud Audit Techniques Using Excel

Format
CPE CREDITS
1 Credits: Auditing
1 Credits: Computer Software & Applications

$58.00$78.00

Clear