Fraud Auditing, Detection, and Prevention Blog
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.
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”
Knowing where and how fraud occurs can be a crucial step towards improving your fraud detection and prevention policies, saving you or the company you are investigating a significant amount of money and time.
Here are five common fraud schemes and how to better identify them. Auditors and management may utilize knowledge of these schemes to help their teams better identify fraud as it happens by understanding key patterns in data.