Fraud Detection, Prevention and Investigation Masterclass

Day 1: Understanding and Identifying Fraud

Morning Sessions: Fundamentals of Fraud

• Defining Fraud: Internal, External, Financial

• Differentiating First & Third Party, Civil, and Occupational Fraud

• Examination of Financial Statement Fraud

• Discussion: Enron & Worldcom Case Studies

• Distinction between Soft and Hard Fraud

• Digital Fraud: Computer, Card, and Insurance Scams

Exercise: Analysing Wire card Incident

Outcome: Delegates will articulate various fraud types and their execution methods.

Afternoon Sessions: Identifying Fraud & Assessing Risks

• Recognizing Fraud: Warning Signs and Checklists

• Psychology Behind Fraud: Motives and Behaviours

• Exercise: Identifying Red Flags for Fraud

• The Fraud Triangle Theory

• Third-Party Risks and Internal Threats

Exercise: Understanding Fraud Terminology

Outcome: Delegates will develop skills to spot fraud and understand the fraudster’s psyche and operational tactics.

Day 2: Strategizing Fraud Prevention

Morning Sessions: Risk Assessment & Data Analysis

• Identifying and Assessing Fraud Risks

• Prioritizing Risks and Effective Communication

• Implementation and Continuous Monitoring

• Exercise: Isolating and Defining Fraud Risks

• Data Utilization: Whistleblowing and Plugging Gaps

Exercise: Balancing Data Usage Benefits Against Privacy Concerns

Outcome: Delegates will master contemporary best practices in fraud identification and risk assessment.

Afternoon Sessions: Advanced Anti-Fraud Strategies

• Leadership and its Role in Fraud Prevention

• Training and Accountability

• Enforcing Anti-Fraud Measures

• Exercise: Building a Preventive Organizational Culture

• Role of Forensic Accountants in Unravelling Fraud

• Analysing High-Profile Cases: Madoff and Ponzi Schemes

Outcome: Delegates will evaluate their organizational policies and learn from forensic accounting practices to bolster anti-fraud measures.

Day 3: Tackling Corruption and Embezzlement

Morning Sessions: Bribery & Corruption

• Understanding the ‘Why’ of Bribery

• Types of Bribes: Cash and Non-Cash

• Concealment Techniques in Financial Records

• Exercise: The Odebrecht Scandal

• International Perspectives: Global Bribery Examples

• Legal Framework: FCPA, UK Bribery Act, and Others

• Exercise: Global Anti-Bribery Legislation

Outcome: Delegates will discern bribery practices and the implications of international anti-bribery standards.

Afternoon Sessions: Embezzlement & Anti-Corruption

• Fraud vs. Embezzlement: Key Differences

• Embezzlement Techniques and Indicators

• Exercise: Identifying Types of Embezzlement

• Basics of Corruption: Identification and Prevention

Exercise: Studying Corrupt Organizations with Transparency International

Outcome: Delegates will be equipped to detect embezzlement and understand the mechanisms of corruption to enforce a zero-tolerance policy.