Conducting an Internal Fraud Risk Assessment (Text Based)

Field: Auditing | Delivery Method: Self Study | CPE Hours: 2.0

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Conducting an Internal Fraud Risk Assessment

Lynn Fountain, CPA, CGMA, CRMA, MBA, cPIA

Fraud Risk Assessments in today’s world are more of a necessity than just a “good thing to do”. But questions often arise around questions on “how”, “when”, “why”, “what” and “who” should execute the assessment. COSO 2013 Principle 8 under the Risk Assessment Component clearly defines the responsibility as one of management. Yet, as we enter 2023 and beyond, companies still struggle with the concept and who to assign the responsibility to. Conducting a complete and thorough fraud risk assessment is one of the most difficult tasks faced by any compliance professional or individual organization. In the years since the Enron scandal was revealed and the Sarbanes-Oxley Act was passed in 2002, the topic of fraud has continued to have its share of attention. In recent years, the topic of Cyber fraud incidents has become a significant concern. And with the post-COVID move to remote work, there are many opportunities that exist for fraud to be perpetrated on an organization.
This course follows many of the concepts outlined in this author’s book “Raise The Red Flag”, published by the Institute of Internal Auditors.

Lesson Objectives:
  • Identify the need for a fraud risk assessment
  • Evaluate the corporate culture to prepare for a fraud risk assessment
  • Evaluate the corporate culture to prepare for a fraud risk assessment
  • Define the variance between a Macro and Micro fraud risk assessment
  • Identify corporate tolerance for fraud
  • Examine components to perform a Macro fraud risk assessment
  • Examine components to perform a Micro fraud risk assessment
  • Examine potential fraud red flags by process
  • Examine components to perform a detailed micro fraud risks assessment


Field: Auditing
CPE: 2.0
Delivery Method: Self-Study
Format: Text




Your Instructor


Lynn Fountain
Lynn Fountain

Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive

Business Consultant, Trainer, Author


Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.


As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.


Ms. Fountain has authored three technical publications:

-Leading the Internal Audit Function 

-Raise the Red Flag

-Ethics and the Internal Auditor's political dilemma


Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.  


Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.


https://www.lynnfountain.net/


Course Curriculum


  Conducting an Internal Fraud Risk Assessment
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