Fraud and COSO

Field: Fraud | Delivery Method: Self Study | CPE Hours: 1.5

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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 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.

Course Curriculum

  Fraud and COSO
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