Fraud Auditing, Detection, and Prevention Blog

Fraud Audit Lessons from the Corporate Transparency Act

Feb 13, 2023 7:45:00 AM / by Leonard W. Vona posted in Fraud Auditing, Fraud Triangle ...

Throughout my blogs, I have stressed the importance of knowledge. For this month’s blog, I am sharing what I believe to be valuable information as you think through your company's fraud prevention and detection policies. We will be taking a look at the recently approved Corporate Transparency Act.  I would strongly suggest that you educate yourself and then determine if your company’s policies and internal controls need to be updated.

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Applying Knowledge to a Fraud Audit

Mar 17, 2022 6:03:55 PM / by Leonard W. Vona posted in Fraud Data Analytics, Fraud Risk Identification, ...

Last month’s trivia questions and answers

Besides the fraud triangle, what other shapes are used to describe the theory of why people commit fraud.

 The fraud diamond and the fraud pentagon.

 In what year did Dr. Cressy publish the fraud triangle?

This is an interesting question because there seem to be conflicting thoughts on this subject. With that said, I will say the study was never published by Dr. Cressey, based on what I believe is a reliable source. This does not diminish the importance of the fraud triangle, it is just interesting trivia.

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How to Use the Red Flag Concept in Fraud Auditing

Feb 21, 2022 8:00:33 AM / by Leonard W. Vona posted in Fraud Risk Statements, Fraud Schemes, ...

Last month’s trivia questions and answers

Which country offers an on-line fraud quiz to test their citizen's awareness to fraud?

Canada: If your country offers such a quiz, please let me know.

What was the first recorded fraud?

The first recorded fraud scheme is from 300 B.C. in Greece.

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Managing Fraud Detection and Prevention During a Pandemic

May 13, 2020 7:45:00 AM / by Leonard W. Vona posted in Fraud Risk Statements, Fraud Detection, ...

My marketing team has encouraged me to write about the impact of Covid-19. To an extent, writing about the benefits of fraud auditing in the middle of a world crisis does not seem like the right time or place, but there is a greater potential for fraud during times of upheaval. And, we all have bosses, so here I go." FYI, my May blog will be USA centric, I apologize to my world readers.

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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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