Fraud Audit Training
A fraud audit training program helps a company's top leadership and department heads ensure that internal controls and procedures are effective in preventing corporate fraud. A firm may select an employee or an external consultant, such as a fraud examiner or law enforcement specialist, to teach courses on the company's premises.
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Purpose
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A fraud audit training curriculum helps employees learn about the latest tools and methodologies that professionals use to detect fraudulent activities in a company's operations. As an illustration, a risk manager may learn about computer software that the Federal Bureau of Investigation (FBI) uses to uncover fraudulent electronic transactions. A fraud training course also can instruct the risk manager on how to apply generally accepted accounting principles (GAAP) to highlight irregularities in corporate financial statements.
Method of Distribution
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A fraud audit training supervisor may provide courses via the Web or on-site. For instance, the risk manager who wants to learn about fraud detection software has many options. He can attend a professional seminar that the U.S. Department of Homeland Security sponsors or attend a training session at a local college or university. Alternatively, he can log into a secure website and take relevant courses, or participate in a training program that the firm organizes at its head office.
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Training Topic
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Types of training topics may vary, depending on the company size and budget allocation. Other elements that may affect topic selection relate to staff skills, regulatory requirements and top leadership's instructions. To illustrate, a junior auditor at an insurance company can learn about medical insurance fraud and how to apply generally accepted auditing standards (GAAS) to detect fraud instances on policyholder applications. Alternatively, he can familiarize himself with Financial Industry Regulatory Authority (FINRA) rules regarding fraudulent activity disclosure in corporate financial statements.
Benefits
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A licensed professional such as a certified fraud examiner (CFE) or a certified public accountant (CPA) may attend courses to comply with minimum continuing education guidelines that the Association of Certified Fraud Examiners (ACFE) or a state's accounting board usually requires. She also can apply newly learned skills to become productive and competent at work. A company that sponsors a fraud training course benefits because well-trained auditors are more prone to recommend adequate internal controls and procedures.
Expert Insight
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Sometimes, a fraud training instructor may note that a topic is unclear. He also can feel that no employee has practical experience in a field. In these cases, the instructor may bring in a specialist to explain a complex subject. For instance, a fraud instructor at an investment bank may hire a former U.S. Secret Service currency counterfeiting investigator to explain anti-money laundering (AML) rules and how they may affect the company's operations overseas or domestically.
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References
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