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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: July 06, 2022

5 Reviews (27 ratings)Reviews

5
Anonymous Author
The information in this course was presented in a clear and concise manner.
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.
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.
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 .
Course Syllabus
COURSE MATERIAL
  PDFThe Internal Audit Function - Fraud Evaluation vs. Fraud investigation (Text Based Course)
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM