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 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.

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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.

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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?

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Fraud Auditing and the Paycheck Protection Program

Jun 15, 2020 9:45:00 AM / by Leonard W. Vona posted in Fraud Schemes, Fraud Auditing, ...

                                

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Complex Fraud Scheme: Vendor Overbilling Part 1

Aug 2, 2018 9:07:00 AM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Risk Statements, ...

In our fraud risk registers, we have identified over 100 procurement fraud schemes and over 100 overbilling fraud schemes. When these kinds of numbers are involved the idea of finding complex fraud schemes in your core business systems may seem overwhelming. However, fraud data analytics can simplify and improve the process.

In this blog we have selected a complex corruption scheme and a complex overbilling scheme to illustrate how fraud auditing can detect even the most complex schemes. The starting point is to identify the fraud risk statement and then understand how and where the scheme can occur in your organization.

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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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Five Common Fraud Schemes & How to Identify Them

Feb 16, 2018 4:56:00 PM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Risk Identification, ...

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.

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