Focus on Fraud: Internal Controls to Prevent and Detect

The Importance of Internal Controls to Prevent and Detect Fraud CPE = 2.0

White-collar fraud is in epidemic proportion. No organization is immune to its potential impact. Although legislation such as Sarbanes-Oxley requires organizations to evaluate for fraud, as we all know there is no absolute cure for fraud. Survey’s and studies have proven that the best action to prevent or mitigate for fraud is fraud awareness and solid approach to fraud controls.

Internal controls are a critical element to allow organizations to prevent and detect fraud. Without proper internal controls, the “opportunity” portion of the fraud triangle is exposed. It becomes an area where employees and other professionals can take advantage and perpetrate.

Don’t underestimate importance of internal controls. What if management indicates” nothing has been identified so what are we worried about?” What you don’t know WILL hurt you. Do NOT assume fraud won’t occur or individuals won’t take advantage of control gaps. This can be a dangerous. Consider any identified fraud - at some level a control gap has occurred.

This course will review the top internal controls organizations can use to prevent and detect fraud. A great deal of information and statistics is taken from the ACFE 2016 Report to the Nations. Other good resources include the Kroll Fraud Report and fraud guidance.

Lesson objectives
  • Explore the purpose of internal controls related to fraud.
  • Examine the characteristics of organizations that fall victim to fraud.
  • Identify most frequently used concealment methods for white collar fraud.
  • Explore the most successful detection methods for fraud.
  • Examine anti-fraud methods at victim organizations.
  • Identify internal controls for fraud in small entities.
  • Examine the internal control implementation rate for fraud.

Field: Fraud
CPE: 2
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

  Focus on Fraud: Internal Controls to Prevent and Detect
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