There are three required components to effectively accomplish the auditing standards in preparing a fraud risk assessment. First, you need a classification framework of fraud risks facing an organization. Next, you require methodologies to identify specific potential schemes and events that the organization needs to mitigate. Finally, internal control skill focuses on understanding how to identify the vulnerabilities in the internal control framework and the appropriate corresponding fraud prevention, fraud detection, and fraud deterrence internal controls necessary to mitigate the fraud risk consistent with organization objectives.
Topics Covered:
- The required elements of a fraud risk assessment
- Preparing the fraud risk assumption memo
- Identifying the fraud scenarios
- How to assess fraud likelihood and exposure analysis
- How to score residual fraud risk
- Understanding the business vulnerabilities
- Linking the internal controls to the fraud risks
- Linking the audit program to the risk assessment
Learning Objectives:
- Recognize the three required components that are critical when preparing a fraud risk assessment
- Summarize methodologies used in fraud risk assessment
- Identify how to pinpoint organizational vulnerabilities and the internal controls necessary to mitigate fraud risk
Leonard Vona
Leonard W. Vona, Fraud Auditing, Inc.
CEO
[email protected]
(518) 784-2250
Leonard W. Vona is the CEO of Fraud Auditing, Inc. He is a forensic accountant with more than 38 years of diversified fraud auditing experience, including a distinguished 18-year private industry career. His firm, Fraud Auditing, Inc., advises clients in litigation support, financial investigations, fraud detection, and fraud prevention.
Mr. Vona is the author of Fraud Risk Assessment: Building a Fraud Audit Program, The Fraud Audit: Responding to the Risk of Fraud in Core Business Systems, and Fraud Data Analytics Methodology: The Fraud Scenario Approach to Uncovering Fraud in Core Business Systems
Mr. Vona has successfully conducted more than 100 financial investigations and fraud auditing engagements for some of the United States' largest high-profile corporations. The net result of his efforts has saved clients millions of dollars through recovery or defense strategies. His financial investigation experience includes embezzlement, business disputes, asset theft, bribery and corruption, malpractice, and disbursement schemes. Mr. Vona's trial experience is extensive, including appearances in federal and state courts. He is qualified as an expert witness, a Certified Public Accountant (CPA), and a Certified Fraud Examiner (CFE). He is cited in West Law for the successful use of circumstantial evidence.
Mr. Vona lectures nationally and internationally on fraud risk assessments, fraud investigation, fraud prevention, and detection, and fraud schemes perpetrated on companies. He regularly speaks at audit conferences and has developed the Fraud Training Curriculum for the MIS Training Institute, an internationally recognized audit training organization. Mr. Vona has provided more than 1,000 days of fraud training to organizations around the world. He was previously on the faculty of Lally School of Management at Rensselaer Polytechnic Institute. He has written the training course on Auditors' Responsibility for Detecting Fraud – SAS99 used by CPA Societies across the country. His international training experience includes five continents and training through interpreters in Spanish, Portuguese, and Russian.
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