Course Information
Leveraging Data Analytics to Fight Fraud (OFFERED VIRTUALLY)
Course Description
THIS COURSE WILL BE OFFERED VIRTUALLY VIA GOTOTRAINING.
If robust data analytics programs existed 20 years ago, would Enron, WorldCom, or the countless other major corporate fraud scandals ever have reached the magnitude they did? Would they have occurred at all? All organizations are subject to fraud risk. Association of Certified Fraud Examiners (ACFE) studies show that an average of 5% of revenue is lost to internal fraud schemes. Utilizing effective data analytics as part of an organization’s fraud management program can reduce the fraud scheme’s average duration from 18 months to mere weeks, or in some cases, eliminate it. More importantly, a robust fraud data analytics program can be the strongest deterrent in an organization.
This course will introduce the participants to the techniques currently being used by leading data analytics programs through the use of case studies, best practices, and interactive exercises. Participants will gain a basic understand of fraud, how it occurs in organizations, and the specific techniques used to identify and quantify fraud.
Course Objectives
Upon completion of this course, participants will be able to:
• Understanding the Fraud Triangle
• Learning fraud fundamentals
• Understanding the characteristics of fraudsters
• Learning how to identify the red flags of fraud
• Learn specific fraud detection methodologies using data analytics
• Understand trends and patterns in fighting fraud
This course will cover:
Understanding Fraud
• The Fraud Triangle
• ACFE 2018 Report to the Nations
• Fraudsters—characteristics and behaviors
• Fraud schemes and scenarios—management override | corruption | financial statement | asset misappropriation
Principles for Fighting Fraud in an Organization
• Governance | Fraud Risk Assessments
• Prevention | Detection | Reporting
Using Data Analytics for Fraud Management
• Using analytics in detection of fraud
• Fraud-focused continuous auditing and monitoring
• Fraud investigations—gathering evidence | data integrity | legal requirements
• Prevention | Deterrence | Detection
New IIA and ISACA Fraud-Detection Standards
• IIA GTAG #13 and GTAG #16
• ISACA Data Analytics: A Practical Approach
• Survey results on data analytics for fraud among auditors
Getting Started with Data Analytics/CAATs
• Data analytics terminology | CAATs | Big Data
• Continuous auditing vs. continuous monitoring
Fundamental Data Analysis Techniques
• Duplicates | Matching | “Like” attributes and transitions
• Gap testing | Compliance testing and verification
• Red flag attributes
Understanding Trends and Patterns in Data
• How to spot them
• Understanding what the data is telling you
• Red flags vs. changes in the business
Specific Data Analytics Techniques for:
• Fraudulent disbursements
• Payroll
• Inventory and fixed assets asset theft and misuse
• Corruption
• Financial statements asset and revenue over and understatements
The Next Level—Advanced Techniques
• Regression analysis
• Benford’s law
• Reasonableness testing
• Fuzzy logic
Instructors
Mary Breslin is the Founder of Verracy Training & Consulting and specializes in Internal Audit transformations, Operational and Financial Auditing, Fraud Auditing & Investigations, and Corporate Accounting.
Ms. Breslin’s career spans over 20 years in Internal Auditing, Management and Accounting for companies such as ConocoPhillips, Barclays Capital, Costco Wholesale, Jefferson Wells and Boart Longyear. With significant International experience, she has managed audit programs in more than 50 countries. Most recently, Ms. Breslin held the title of Vice President and Chief Audit Executive where she transformed a checklist audit function into a value-add audit department which regularly delivered measurable business results through the use of risk-based auditing, data analytics, continuous education and skill development for her leadership team and staff.
Mary was an early adopter of analytics for audit and has been utilizing data analytics in her career in both audit and fraud work for over 15 years. She has transformed the capabilities of audit functions using data analytics programs using ACL, IDEA and Arbutus Analyzer. Through her expertise and guidance, she has helped large global organizations leverage analytics to significantly increase coverage, automate continuous auditing and monitoring, and actively fight fraud.
Additionally, Ms. Breslin has extensive Fraud Audit and Investigation experience and has conducted major fraud investigations on multiple continents including large scale federal cases domestically. She has developed and implemented fraud auditing programs in various industries focused on both accounting and operations.
Ms. Breslin attended Rutgers University and received her BS in accounting, and an MBA from the University of Phoenix while living and working overseas. She is a Certified Internal Auditor (CIA), and Certified Fraud Examiner (CFE). She maintains memberships in the Institute of Internal Auditors (IIA), American Institute of Certified Public Accountants (AICPA), ISACA, the Society of Corporate Compliance (SCCE), and the Association of Certified Fraud Examiners (ACFE) and is currently an instructor and conference speaker for the IIA, The ACFE and ISACA.
Additional Information
TAC Rule 523.142(g) requires the CPE Sponsor to monitor individual attendance and assign the correct number of CPE credits. Participants will be asked to document their time of arrival and departure in compliance with this Rule. Additionally, attendance will be monitored throughout the day and CPE certificates will reflect actual attendance of each participant.