Fraud Risk Assessments in today’s world are more of a necessity than just a “good thing to do”. But questions often arise around questions on “how”, “when”, “why”, “what” and “who” should execute the assessment. COSO 2013 Principle 8 under the Risk Assessment Component clearly defines the responsibility as one of management. Yet, as we enter 2023 and beyond, companies still struggle with the concept and who to assign the responsibility to. Conducting a complete and thorough fraud risk assessment is one of the most difficult tasks faced by any compliance professional or individual organization. In the years since the Enron scandal was revealed and the Sarbanes-Oxley Act was passed in 2002, the topic of fraud has continued to have its share of attention. In recent years, the topic of Cyber fraud incidents has become a significant concern. And with the post-COVID move to remote work, there are many opportunities that exist for fraud to be perpetrated on an organization.

This course follows many of the concepts outlined in this author’s book “Raise The Red Flag”, published by the Institute of Internal Auditors.

Learning Objectives
  • Identify the need for a fraud risk assessment.
  • Discover and evaluate the corporate culture to prepare for a fraud risk assessment.
  • Discover and evaluate the corporate culture to prepare for a fraud risk assessment.
  • Discover and define the variance between a Macro and Micro fraud risk assessment.
  • Identify corporate tolerance for fraud.
  • Explore and examine components to perform a Macro fraud risk assessment.
  • Explore and examine components to perform a Micro fraud risk assessment.
  • Explore and examine potential fraud red flags by process.
  • Explore and examine components to perform a detailed micro fraud risks assessment.
Last updated/reviewed: August 11, 2023
12 Reviews (40 ratings)

Reviews

5
Anonymous Author
Really liked this course, it gave a very comprehensive overview of the macro vs. micro areas to consider for a Fraud Risk Assessment. The different types of categories of fraud and the fraud risk tree is helpful to capture all the different areas to consider in a review. Very informative!

4
Anonymous Author
The course content was excellent, as usual; however, I did miss having a recorded narration by an instructor. Just a personal preference of mine (only). The content of the material was excellent.

5
Anonymous Author
This was a nice detailed course on performing a fraud risk assessment with detailed fraud red flags for different process areas.

5
Anonymous Author
The text document was well organized and easy to review. This was a good refresher on fraud before audit planning begins!

4
Member's Profile
Course was very intense and packed with an enormous amount of information. Very helpful for my place of employ.

5
Anonymous Author
The course material was presented in a clear and concise manner, the slides can be used for future reference.

5
Anonymous Author
Lynn's courses are always a good bet and this one is no different. Concise and informative.

5
Anonymous Author
Good introductory material on fraud assessments, for multiple groups of workers.

4
Anonymous Author
Good course overall. I will use the list of red flags on my future jobs.

5
Member's Profile
Definitely a great resource for starting up fraud risk assessments

5
Anonymous Author
It is a good course to learn Internal Fraud Risk Assessment.

5
Anonymous Author
I enjoyed this course, and I found it very informative.

Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
COURSE MATERIAL
  Conducting an Internal Fraud Risk Assessment (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam