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. In the book she outlines not only the Standards and expectations for internal auditors but the many challenges individuals in the profession face when trying to execute their duties.

This text base course is in several sections. This specific course is dedicated to The Internal Audit Function’s Role in Fraud Risk Assessments.

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
  • Discover and evaluate aspects of conducting a fraud risk assessment.
  • Explore and examine concepts of corporate culture to prepare for a fraud risk assessment.
  • Identify Internal Audit’s role in facilitating a proper fraud risk assessment.
  • Identify and discern between a Macro vs. Micro Fraud Risk Assessment.
  • Explore and examine an Enterprise wide (Macro) Fraud Risk Assessment.
  • Discover and examine a Business Process (Micro) Risk Assessment.
  • Identify Steps in Determining Fraud Red Flags.
  • Recognize and examine the process to evaluate impact and likelihood of fraud red flags.
Last updated/reviewed: August 7, 2023
18 Reviews (60 ratings)

Reviews

4
Anonymous Author
Pretty good course and helpful. The final exam questions were very confusing and difficult and not representative of the learning objectives. I had to take it more than once.
4
Anonymous Author
This course was a bit difficult to follow but overall presented an effective framework for understanding and implementing audit functions internally.
5
Member's Profile
The Internal Audit Function-Internal Audit's Role in Fraud Assessments was a very beneficial course, because fraud is now occurring so much more.
5
Anonymous Author
Great and eye-opening course to the elements of fraud risk assessments. Appreciated the breakdown of the internal audit function's roles.
4
Anonymous Author
the phraseology of the test questions was ambiguous. We went from organization to defining tolerance in terms of an "investor".
4
Anonymous Author
This is a complex topic but it is broken down into a presentation that non-auditors can understand and apply.
5
Anonymous Author
This course contained good information on Fraud risk assessments and their application in a business setting.
5
Member's Profile
Good course. However, I agree with the other reviewers that the questions did not sometime match the test.
5
Anonymous Author
Good material and scenarios presented on the topic of Internal Audit's role in fraud risk assessments.
4
Anonymous Author
The final exam questions were very confusing to me and I had a hard time reading from the text file.
5
Anonymous Author
Interesting material. Helped me understand the Internal Audit function at my organization more.
4
Member's Profile
This was an excellent refresher on how risk is dealt with from an internal audit perspective.
5
Anonymous Author
Good balance of detailed information, and summary recaps. Good examples throughout.
3
Anonymous Author
Materials were really confusing... Didn't seem to have an overall cohesive structure
5
Member's Profile
Good material and well explained! Would recommend the course.
5
Anonymous Author
This was a thorough review of the risk assessment process.
5
Anonymous Author
I enjoyed this course, and I found it very informative.
3
Anonymous Author
The material was overwhelming and difficult to follow.
show all reviews
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 Overview CPE
Course Syllabus
COURSE MATERIAL
  The Internal Audit Function - Internal Audit’s Role in Fraud Risk Assessments (Text Based Course)PDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam