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.

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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.”

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Using Fraud Data Analytics to Build a Fraud Data Profile

Mar 30, 2018 5:21:27 PM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Data Profile ...

When it comes to fraud, no audit plan is going to fit all. Each fraud scenario in your audit scope needs its own fraud data analytics plan and fraud audit procedures. An audit plan isn’t just a document to create and file away as a matter of process – any auditor involved in future detection and prevention will need this to have the correct information that will allow them to find and reveal which fraud scenario is occurring. In short, your fraud audit plan is an essential component in detecting and preventing fraud. 

Once an auditor has a plan and the fraud scenarios at their disposal, the best approach to building a fraud data profile involves using fraud data analytics. For many, this might feel like no more than a buzzword in the industry that adds little value to conversations on fraud but when we talk about fraud data analytics at Fraud Auditing Inc., we mean something very specific, with measurable outcomes, which are essential to any fraud-based approach. 

Here’s a look at the best practices when it comes to data analytics and how it can add real value to your approach.

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