Fraud Auditing, Detection, and Prevention Blog

How to Use Fraud Risk Statements in a Fraud Detection Program

Jan 30, 2023 7:04:28 AM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Risk Statements, ...

We looked at how to create fraud risk statements using the payroll function in the last blog. In this blog, we’ll look at how to apply the fraud risk statement in a fraud audit program.

But first, the Trivia answers:

Was Christmas ever illegal?

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Making Audit the Number One Reason for Fraud Detection

Jan 12, 2022 2:38:55 PM / by Leonard W. Vona posted in Insider, Fraud Auditing, ...

Last month’s trivia questions and answers...

What is the full name of the person who first perpetrated the Ponzi scheme?

Despite the notoriety of Charles Ponzi, the scheme that carries his name, it was first perpetrated by Sarah Howe in Boston in 1879.

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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 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

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Fraud Data Analytics: A Worked Example for Ghost Employee Fraud Schemes

Jul 12, 2018 12:38:00 PM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Schemes, ...

Ghost employee schemes are a common fraud scheme during which there are people on the payroll who don’t work for the company in question but do collect a salary or remuneration.

Let’s take a closer look at how you can use fraud data analytics when creating an executing an audit program for ghost employees:

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The Fraud Triangle: Putting Theory into Practice

Jul 6, 2018 1:06:00 PM / by Leonard W. Vona posted in Fraud Auditing, Fraud Detection, ...

The fraud triangle, authored by Dr. Cressey, has been adopted by the auditing profession as a tool to help detect and deter occupational fraud. 

The model has many applications in the fraud audit.  The primary purpose is in the planning stage to help identify where and why your organization would be vulnerable to someone committing a fraud risk scenario. 

Here’s a closer look at the fraud triangle and how you can implement this model.

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The Fraud Plan: Misappropriation in Payroll

Jul 2, 2018 10:48:00 AM / by Leonard W. Vona posted in Fraud Risk Statements, Fraud Auditing, ...

How you determine which concepts to evaluate to “consider fraud” and how to integrate fraud into your audit program is a challenge that is easily solved if you approach it with the scope and objectives of your audit clearly defined.

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