Fraud Auditing, Detection, and Prevention Blog

Does Fraud Mitigation Work in Real Life the Way the Auditing Profession Believes?

Nov 17, 2021 9:07:46 AM / by Leonard W. Vona posted in Fraud Schemes, Fraud Auditing, ...

Before we start this month’s blog, last month’s fraud trivia questions and answers.

What was the original name of the ACFE? NACFE

What was the original name of the ACFE monthly newsletter? White Paper

Is there a designation, Life Time CFE? Yes, it was issued once in the early years

What is your favorite Fraud Movie? This is always a tough question, but here is a few: Catch Me if You Can; The Wolf of Wall Street; Wizard of Lies, and of course, The Accountant.

Read More

How to Write a Fraud Audit Finding

Oct 19, 2021 10:06:56 AM / by Leonard W. Vona posted in Fraud Risk Statements, Fraud Auditing, ...

First, trivia questions and answers from last month’s blog:

What was the original name for the FBI?

Answer: B.O.I. Bureau of Investigation

What professions did J. Edgar Hoover like to hire for FBI agents?

Answer: Lawyers, reporters, and accountants

Read More

How to Write a Fraud Audit Report

Sep 20, 2021 11:03:27 AM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Risk Identification, ...

In the August blog, I provided you with a homework question.

I asked why the following fraud risk statement would not be included in the scope of your audit work:

“Payroll function causes a payroll payment to be issued in the name of an employee who is not on the human resources database.”

Read More

How to Document Your Fraud Audit Scope

Aug 23, 2021 7:36:54 AM / by Leonard W. Vona posted in Fraud Schemes, Fraud Auditing, ...

After a series of thought-provoking blogs, I thought it was time to write a practice blog. I hope you find it helpful in your next audit.

Read More

What Does it Take to be a Fraud Auditor?

Jul 21, 2021 7:58:08 AM / by Leonard W. Vona posted in Fraud Schemes, Fraud Auditing, ...

So, you want to be a fraud auditor?

I have been practicing as a fraud auditor for over forty years. To be honest, for the first twenty, I did not know I was a fraud auditor. I spent the next twenty refining the practice of fraud auditing. So, this blog is intended to provide you the necessary skill set to become a fraud auditor.

Read More

Discover the Power of Fraud Knowledge

Jun 16, 2021 6:10:25 PM / by Leonard W. Vona posted in Fraud Schemes, Fraud Auditing, ...

Professional Skepticism: The Power of Fraud Knowledge

In June 2021, I will be speaking at the ACFE virtual conference on the Power of Fraud Knowledge. When I speak at a conference, my process is to select a topic, prepare the presentation, and then prepare to communicate the presentation. To do a good presentation, one should never simply read the slides but rather explain them, illustrate the concepts, explain practical applications, and maintain the audience’s interest. So, why am I telling you this?

Read More

Emerging Issues: Top 100 Most Ethical Companies

May 14, 2021 4:19:42 PM / by Leonard W. Vona posted in Fraud Risk Identification, Fraud Auditing ...

  1. Last month I wrote about the Top 100 Corporate Criminal List. So, this month I will write about the most ethical companies. If you are not aware, there is an organization, Ethisphere, that publishes a report each year listing the most ethical companies. I would encourage you to look at the report.

Read More

Emerging Fraud Audit Issues: Top 100 Corporate Criminals List

Apr 21, 2021 3:30:56 PM / by Leonard W. Vona posted in Fraud Risk Identification, Fraud Auditing ...

I think it is time for a change in my focus, so this blog will not address our profession directly but rather corporate management. I believe that the concealment of criminal fraud by management is a critical emerging issue that should be top of mind for fraud auditors. Maybe it has always been an issue, but nobody wanted to discuss it.

Read More

Fraud. What does this really mean?

Mar 16, 2021 4:27:51 PM / by Leonard W. Vona posted in Fraud Risk Identification, Fraud Auditing ...

Consider Fraud. What does this really mean?

As you are aware, the auditing standards require an auditor to consider fraud in the conduct of an audit. Depending on the standards you follow, the meaning has different requirements. No, I have no intention of critiquing each standard but rather, I want to critique the phrase “consider fraud”

Read More

Fraud Risk Assessment: Folly or Prudence?

Feb 22, 2021 1:15:00 PM / by Leonard W. Vona posted in Fraud Auditing, Fraud Detection, ...

Before we start on this journey, I need to explain the premise of my blog. I want to explore whether there is business value in an organization incurring the cost of preparing a comprehensive fraud risk assessment.

Read More