Focus on Fraud: Internal Controls to Prevent and Detect

Field: Fraud | Delivery Method: Self Study | CPE Hours: 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 COSO.org 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 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


  Focus on Fraud: Internal Controls to Prevent and Detect
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