Fraud and COSO

The Expectations of COSO Principle Eight CPE = 1.5

When COSO 2013 was released, a specific principle was outlined related to fraud. Principle eight under the risk assessment component indicates:

The organization considers the potential for fraud in assessing risks to the achievement of objectives.
This principle is directly focused on “the organization” and not just the auditors. This principle is an extension of principle seven. Principle seven assumes identification of risks to achievement of objectives in context of stakeholders acting ethically and within standards of conduct. Principle eight requires identification of opportunities, pressures, incentives, and rationalizations that may lead to act actions outside the bounds of such ethical conduct and standards of behavior.

This course will delve further into the expectations of COSO Principle eight. We will discuss and evaluate the COSO anti-fraud guide released in September 2016 and evaluate how the Fraud principles relate to the COSO 2013 principles. We will also examine actions organizations, management and employees should be aware of in relationship to fraud.

Lesson Objectives:
  • Explore the risk related to fraud
  • Examine results of recent research studies.
  • Explore the fraud reality.
  • COSO’s link to fraud guidance.
  • Understand and address Principle eight.
  • Explore steps to execute Principle eight.
  • Explore the need for a fraud risk assessment.

Field: Fraud
CPE: 1.5
Delivery Method: Self-Study
Format: Video

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 in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, SSAE 18, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

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.

Course Curriculum

  Fraud and COSO
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