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Assessing Fraud Risks

Course Description

The internal audit activity is responsible for assessing the organization’s risk management processes and their effectiveness, and one detail that cannot be overlooked is assessing the potential for the occurrence of fraud when planning each engagement. Therefore, internal auditors must consider the probability of fraud and ensure adequate review of the risks relevant to each engagement. This course describes the characteristics of fraud and the process of identifying and assessing fraud risks when planning individual audit engagements. It also outlines the process of incorporating a fraud risk assessment into engagement planning, including the topics of gathering information, brainstorm fraud scenarios, identifying and rating fraud risks, and determining which fraud risks should be evaluated further during the engagement.

Learning Objective(s):

  • List the steps and purpose of the assurance engagement.
  • Describe how to incorporate the fraud risk assessment steps during an assurance engagement.
  • Restate the role of internal audit when assessing fraud risks and implementing controls.
  • Categorize fraud risk controls as detective or preventive.
  • Differentiate the characteristics, significance, and sources of common fraud risks.
  • Recognize the requirements of Internal Audit to be in conformance with the Standards related to fraud.
  • Determine the optimal communication method for reporting results of an engagement.
Course Duration: 1 day(s)
CPEs Available: 1
Knowledge Level: Basic
Field of Study: Auditing
Advance Preparation: 
Delivery Method: QAS Self-Study