The Institute of Internal Auditors is recognized as the authority that establishes the guidelines and standards for the internal audit profession. As the world has rapidly evolved over the past several years, internal auditors have been called on to provide a wide array of services. Yet, management often does not understand the full breadth of the IIA Standards and protocols auditors should follow when performing both Assurance services and Consulting services.

This set of courses on “The Internal Audit Function” was developed by Lynn Fountain, CPA, CGMA, CRMA, MBA, cPIA and past Chief Audit Executive. Lynn authored the book Leading the Internal Audit Function which was released by Taylor & Francis in 2017.

This text base course is in several sections. This specific course is dedicated to The Internal Audit Function and examination of involvement in fraud evaluations vs. fraud investigations. There is a clear variation in the two processes. Evaluations are considered systematic examination of an areas merit, worth and significance, using criteria governed by a set of standards. Examinations can assist in decision-making. The primary purpose of an evaluation is to gain insight into an area and enable analysis. The analysis can assist in identification of root cause analysis, control gaps or required change.

An investigation in the context of a forensic analysis (as in the case of fraud investigations) is the scientific method of gathering and examining information about a particular event. The word forensic is derived from the Latin forēnsis, meaning "of or before the forum." (Source Wikipedia).

Course Series

This course is included in the following series:

8 CoursesThe Internal Audit Function

  1. The Internal Audit Function - Purpose and Establishing the Function (Text Based Course)
  2. The Internal Audit Function - The Attribute Standards (Text Based Course)
  3. The Internal Audit Function - The Performance Standards (Text Based Course)
  4. The Internal Audit Function - Internal Audit’s Assurance Role and Risk Based Auditing (Text Based Course)
  5. The Internal Audit Function - Governance Role (Text Based Course)
  6. The Internal Audit Function - Internal Audit’s Role in Fraud Work (Text Based Course)
  7. The Internal Audit Function - Internal Audit’s Role in Fraud Risk Assessments (Text Based Course)
  8. The Internal Audit Function - Fraud Evaluation vs. Fraud Investigation (Text Based Course)
Learning Objectives
  • Identify and understand the variance between fraud evaluation and fraud investigations.
  • Explore and examine fraud evaluation procedures.
  • Discover and examine the internal auditor’s dilemma when investigating fraud.
  • Recognize and review a decision Protocol for Internal Audit involvement in investigation.
  • Identify and understand how to manage the request process.
  • Explore and evaluate the method of issue identification.
  • Explore conducting the internal investigation.
  • Identify and review an investigative process flow.
  • Explore the need for an initial communication and credibility assessment.
  • Discover and examine a preliminary investigative process.
  • Explore and examine the field investigative process.
  • Discover and examine other considerations.
Last updated/reviewed: August 12, 2023
18 Reviews (80 ratings)

Reviews

5
Anonymous Author
This course helped me understand the difference between fraud evaluation and fraud investigation. The included text has several helpful decision flows to help clarify protocols & processes.

5
Anonymous Author
The Internal Audit Function-Fraud Evaluation vs Fraud Investigation course was beneficial, because of how much more fraud has become a problem in the work place, and in everyday life.

4
Anonymous Author
Good information but the presentation could be easier to follow. Lots of big paragraphs without visual or other references to keep it organized.

5
Anonymous Author
Great course on the distinction between a fraud evaluation vs. investigation. Great outline of the steps involved and the responsibility.

5
Anonymous Author
Good overall review of the process to perform fraud reviews. This is often specialized projects, so its good to have an overview.

5
Anonymous Author
I liked the compare/contrast nature of evaluations and investigations. Never thought about the internal audit dept's challenges.

5
Anonymous Author
Good refresher on the procedures to conduct an internal fraud investigation. Course was easy to follow and straightforward.

4
Anonymous Author
Overall great course on the topic and felt as though it brought up some great questions to think about in this area.

4
Anonymous Author
I liked the fact that it had a lot of information defining the difference between and Evaluation vs and Investigation

3
Anonymous Author
This course is a self-study read and covers the fraud investigation process more than fraud evaluation.

5
Anonymous Author
This is a very detailed and informative course and clearly set out the differences between both areas.

5
Member's Profile
Great course. Very informative and easily followed. Can add lots to your IA Function understanding.

3
Member's Profile
it would be better with a video to explain the information vs all text to break up the learning

5
Anonymous Author
Interesting content, I learned a lot about fraud investigation processed. Would recommend.

4
Anonymous Author
Very informative course, the concepts are clearly explained and easy to understand.

5
Anonymous Author
I attend this course in order to get the Fraud CPE. It is an interesting course.

5
Anonymous Author
The information in this course was presented in a clear and concise manner.

5
Anonymous Author
Very informative overall well put together worth taking would take again

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
  The Internal Audit Function - Fraud Evaluation vs. Fraud investigation (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam