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Preparing the Fraud Risk Assessment Training

In managing the business risk of fraud, fraud risk exposure should be assessed periodically by the organization to identify specific potential schemes and events that the organization needs to mitigate.

There are three required skills to effectively meet the auditing standards for preparing a fraud risk assessment.

  • A classification framework of fraud risks facing an organization.
  • Methodologies to identify specific potential schemes and events that the organization needs to mitigate. The methodology must align with the professional audit standards to include: fraud risk identification, evaluate residual fraud risk, identify resulting exposures and link internal controls to the assessment.
  • The internal control skill focuses on understanding how to identify the vulnerabilities in the internal control framework and the appropriate corresponding fraud prevention, fraud detection and fraud deterrence necessary to mitigate the fraud risk consistent with organization objectives.

Preparing the Fraud Risk Assessment Learning Modules & Objectives

Course 1: Critical Fraud Concepts

The basis of fraud training. Critical Fraud Concepts will cover:

  • What is fraud
  • Understanding the fraud triangle
  • Overview of criminal fraud, civil fraud and accounting fraud
  • Understanding auditors fraud related responsibilities
  • Understanding the organizational challenges of managing fraud risk

CPE Hours: 1.5

Lecture time: 1 hour

Practical exercise time: 0.5 hour

Advanced Preparation: None

Prerequisite: None

Learning level: Basic

Field: Auditing

Delivery Method: Group Live 

Course 2: Understanding Fraud Risk Universe

This fraud risk course is an important part of faud risk training. In it you will learn:   

  • How to define the fraud risk universe
  • Identifying the corporate vulnerabilities, threats and fraud risk
  • How to create the organizational fraud risk structure
  • Creating the fraud audit scope

CPE Hours: 1.5

Lecture time: 1 hour

Practical exercise time: 0.5 hour

Advanced Preparation: None

Prerequisite: Fraud Risk curriculum

Learning level: Basic

Field: Auditing

Delivery Method: Group Live

Course 3: Preparing the Fraud Risk Assessment

This session will prepare you to confidently prepare fraud risk assessments for your company or for your clients. You will learn: 

  • What are the required elements of a fraud risk assessment
  • Preparing the fraud risk assumption memo
  • Identifying the fraud scenarios
  • How to assess fraud likelihood and analyze exposure
  • How to score residual fraud risk
  • Understanding the business vulnerabilities
  • Linking the internal controls to the fraud risks
  • Linking the audit program to the risk assessment

CPE Hours: 3

Lecture time: 2 hours

Practical exercise time: 1 hour

Advanced Preparation: None

Prerequisite: Fraud Risk curriculum

Learning level: Intermediate

Field: Auditing

Delivery Method: Group Live

Course 4: Fraud Internal Controls in Core Business Systems

Learn about different fraud internal control concepts, fraud prevention, fraud detection and fraud deterrence, and how to mitigate fraud risks in core business systems. Course topics include:

  • Understand fraud internal control concepts
  • Fraud prevention, fraud detection and fraud deterrence controls
  • Assessing the impact of sophistication of concealment related to control effectiveness
  • Understanding the impact of internal control inhibitors
  • How to mitigate fraud risks in core business systems 

CPE Hours: 3

Lecture time: 2 hours

Practical exercise time: 1 hour

Advanced Preparation: None

Prerequisite: Fraud Risk curriculum

Learning level: Intermediate

Field: Auditing

Delivery Method: Group Live 

Other Fraud Training Curriculum:

Fraud Auditing, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education (CPE) on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.  

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