Fraud and Auditing. Certified Fraud Examiner (CFE)  Fraud Prevention & Detection  Academic & Experience  High Moral Character  Pass CFE examination.

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Presentation transcript:

Fraud and Auditing

Certified Fraud Examiner (CFE)  Fraud Prevention & Detection  Academic & Experience  High Moral Character  Pass CFE examination  CPE

Fraud Risk Assessment

 Think about what can go wrong  Analytical Reviews  Look for Negative Trends  Look for Extremely High Performance

Common Fraud Schemes

 Credit Cards  Thief of Cash  Expense Reports  Look for Negative Trends  Refunds

Data Analysis Techiques

Standard Deviation

Revenue / Expense Trends  Revenue Falling  Expenses Rising

Benford’s Law (?)  IMO, It is NOT a good detection tool

Benford’s Questions  How much variance does it take for you to be 80% sure that you have a Fraud?  Why does Benford’s appear to work?

Benford’s Distribution - Same Org, Different Time (by 6 months) Chart A Chart 1

Big Data / Deep Analysis  Effective Now  More Effective in the Future

Questions? Preguntas? Fragen?