|
We Know Fraud Auditing
We have identified over 250 fraud schemes that occurred in organizations around the world. We have a comprehensive description of each fraud scheme, common indicators of the fraud scheme, how the fraud is concealed and a methodology to uncover the fraud. Our fraud audit tool kit includes
1. Methodology- a ten step approach to uncovering fraud
2. Fraud Risk Factors- a comprehensive description of each fraud schemes.
3. Fraud Risk Assessment- How to develop a fraud risk model.
4. Fraud Audit Programs includes fraud indicators, data analysis and audit procedures.
.
What is Fraud Auditing?
Fraud auditing is a proactive audit approach designed to respond to the risk of fraud in financial statements and uncover fraud in core business systems.
Our approach starts by building a fraud model using a fraud risk assessment strategy which requires consideration of the fraud schemes, fraud concealment strategy, opportunity points, and fraud motivation. Based on your fraud model, samples are designed to search for business transactions which have the red flags common to each fraud scheme. The audit response is designed to match the fraud audit procedure to the fraud scheme concealment strategy. The end result is an audit plan designed to increase the propensity of uncovering fraud.
How does Fraud Auditing differ from traditional auditing?
Studies have continually stated the audits are not detecting fraud. Most frauds are detected by a tip, perpetrator carelessness or and unplanned absence by the perpetrator.
Traditional auditing relies on the test of internal controls, substantive testing of account balances and attribute testing of business transactions to identify fraud.
Fraud Auditing is designed to search for fraud.
Why use fraud auditing
Today’s professional standards are requiring corporations, CPA Firms, and internal auditors to provide assurance and opinions regarding fraud frisk management. Locating fraud in today’s business system is not an option but a requirement.
How we can Help
Call or send us an email.
|
|
|
|
|
