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Mastering Internal Controls
& Fraud Prevention:

Implement Effective Internal Controls to
Prevent and Detect Fraud

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Click on the locations below to request for PDF brochures

Port Moresby, Papua New Guinea  (18-19 Mar)

Workshop Overview

Internal controls are procedures designed to provide reasonable assurance that operations are “going according to plan.” Internal controls are no longer a regime for finance staff but all management who are required to take ownership of and sign off on controls. Without adequate internal controls, management has little assurance that its goals and objectives will be achieved.

The challenge however is to understand how you can create a strong control environment in your organisation and how you can practically implement an internal control framework. Properly designed and functioning controls reduce the likelihood that significant errors or fraud will occur and remain undetected.

The course not only addresses the theoretical concept of the internal control systems but also provides participants with the practical
guidance they need in the design, implementation, maintenance and evaluation of a comprehensive framework of internal controls for
their organisations. The course will also equip participants with knowledge and skills to interpret various fraudulent activities and identify appropriate control mechanisms for fraud prevention. Strong internal controls allow you to achieve your business, financial reporting and compliance objectives.

Key Takeaways

By the end of the workshop, participants will be able to:

  • Interpret fraud activities at workplaces using fraud triangle
  • Understand the role of the board, management and internal audit in the area of fraud
  • Apply steps for developing integrated internal control systems to promote organisational efficiency
  • Be conscious of control in everyday work, becoming “ambassadors” for good control, including execution, monitoring and assessing effectiveness of existing controls in the organisations
  • Identify the most common schemes and fraud symptoms
  • Identify the functions and limitations of internal control
  • Recognise key procedures involved in identifying risks and controls,
  • Understand the fundamentals of control including key types of control, IT controls and reconciliation controls
  • Understand the importance of good controls both for business reasons and for regulatory compliance

 

Methodologies

Clear explanation of theories coupled with hands-on exercises for a firm grasp of
internal controls and fraud prevention through:

  • Practical Examples
  • Case Studies
  • Short Exercises
  • Group Discussions
Who Should Attend

Managers and staff involved in designing and maintaining effective internal controls, including:

  • Internal auditors
  • External auditors
  • Chief risk officers
  • Chief financial officers
  • Chief accountants
  • Accounting staff
  • Security and investigation staff
  • Loss prevention officers
  • Company secretaries
  • Senior executives
  • Managers
  • Investigators
ProgramME Agenda

Session 1: ORGANISATIONAL OVERVIEW

  • Role of management
  • Role of the board
  • Role of the audit and risk committee

Session 2: RISK FRAMEWORK

  • Risk model
  • Risk standards
  • Fraud risk assessment

Session 3: FRAUD TRIANGLE

  • Pressure
  • Opportunity
  • Rationalisation

Session 4: PRINCIPLES OF INTERNAL CONTROL

  • Internal control systems
  • Internal control frameworks

Session 5: INTERNAL CONTROL FRAMEWORK

  • Business case for control
  • Control fundamentals
  • Control issues
  • Monitoring

Session 6: PREVENTION CONTROL

  • People
    • People and fraud
    • Methods to limit
    • Staff motivation
  • Policies and procedures
    • Accounting
    • Procurement
    • Segregation of duties
    • Verification and reconciliation
  • IT controls
    • Key IT controls
    • Key IT weaknesses
    • Integrating controls over information systems
    • Developing continuous monitoring

Session 7: LEADERSHIP, CULTURE AND ETHNICS

  • Leadership as a fraud management tool
  • Influencing culture to minimise fraud
  • Ethics and training

Session 8: MANAGEMENT ASSESSMENT OF INTERNAL CONTROLS

  • Assessment of the adequacy of controls
  • Evaluation of control deficiencies
  • Documentation of effective controls
  • Identification of control gaps

Session 9: FRAUD DETECTION

  • Passive approach
  • Active detection
  • Building detection into systems and management

Session 10: FRAUD CONTROL RESPONSE

  • Fraud investigation
  • Response
  • Reporting

Session 11: FORENSIC ACCOUNTING AND AUDITING

  • Responsibility of internal audit
  • Fraud risk assessment
  • Internal audit activities
  • IT audit
  • Fraud response

Session 12: FRAUD RISK ASSESSMENT APPROACHES

  • Employee assessment
  • Physical controls
  • Skimming
  • Cash and financial transactions
  • Purchasing and billing
  • Payroll and personnel
  • Expenses
  • Inventory and equipment
  • Intellectual property
  • Corruption
  • Conflicts of interest
  • Financial reporting

Session 13: RED FLAGS

  • Employee
  • Management
  • Changes in behaviour
  • The entrepreneur

Session 14: CASE STUDY – CHANGE OF SYSTEM, CHANGING RISKS, CHANGE OF CONTROLS