4 Fraud Risks (15%) Flashcards
5 areas (17 cards)
1
Describe concepts of fraud risks and types of fraud
May include but is not limited to:
a. Describe the fraud triangle concepts: motivation, opportunity, and
rationalization
1
Describe concepts of fraud risks and types of fraud
May include but is not limited to:
b. Recognize fraud risks
1
Describe concepts of fraud risks and types of fraud
May include but is not limited to:
c. Identify common fraud schemes
2
Determine whether fraud risks require special consideration during an engagement
May include but is not limited to:
a. Recognize fraud risks when planning an engagement
2
Determine whether fraud risks require special consideration during an engagement
May include but is not limited to:
b. Assess processes that may have significant exposure to fraud risk
3
Evaluate the potential for fraud and how the organization detects and manages fraud risks
May include but is not limited to:
a. Evaluate an organization’s fraud risk management processes
3
Evaluate the potential for fraud and how the organization detects and manages fraud risks
May include but is not limited to:
b. Detect and assess red flags at the organizational level and process level
3
Evaluate the potential for fraud and how the organization detects and manages fraud risks
May include but is not limited to:
c. Recognize the internal auditor’s role in reporting red flags identified during an engagement
4
Describe controls to prevent and detect fraud
May include but is not limited to:
a. Recognize the impact that tone at the top has on the likelihood of fraud
4
Describe controls to prevent and detect fraud
May include but is not limited to:
b. Recognize the appropriate application of segregation of duties
4
Describe controls to prevent and detect fraud
May include but is not limited to:
c. Recognize how authority levels may prevent fraud
4
Describe controls to prevent and detect fraud
May include but is not limited to:
d. Recognize common controls to detect fraud such as whistleblower hotlines, reconciliations, and supervisory reviews
5
Recognize techniques and the internal audit function’s role related to fraud investigation
May include but is not limited to:
a. Define the internal audit function’s role related to fraud investigations
5
Recognize techniques and the internal audit function’s role related to fraud investigation
May include but is not limited to:
b. Describe interviewing techniques
5
Recognize techniques and the internal audit function’s role related to fraud investigation
May include but is not limited to:
c. Describe investigation techniques
5
Recognize techniques and the internal audit function’s role related to fraud investigation
May include but is not limited to:
d. Describe fraud testing methods
5
Recognize techniques and the internal audit function’s role related to fraud investigation
May include but is not limited to:
e. Recognize opportunities for internal auditors to coordinate with fraud investigators and review their risk assessments, prior investigations, investigation trends, and whistleblower complaints
