Q1 2016 Public Sector Advisory Briefing: Assessing Fraud Risk, Prevention and Detection
Assessing Fraud Risk, Prevention and Detection
Fraud is something that none of us plan for, but when it does occur, it has far reaching impacts on our organizations. Not only is there the financial toll that it takes on our organization, but there may be even a greater impact on our reputation and the confidence and trust our stakeholders have in us.
Every industry is impacted by fraud, including the public sector. In its 2014 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners estimated that organizations lose an estimated 5% of revenue to fraud each year. However, there are proactive measures public sector organizations can take to protect themselves from becoming a victim of fraud.
A fraud risk assessment is a critical tool for public sector officials to better understand and identify where fraud can occur in their organizations and the actions they can take to prevent and detect fraud. This discussion will focus on how to conduct a fraud risk assessment.
Topics covered will include:
- Summary of the 2014 Fraud Survey
- Fraud Categories and Schemes
- The Red Flags of Fraud – What Are the Warning Signs?
- Identifying Fraud Risks in Your Organization
- Assessing Fraud Risks
- Actions to Prevent and Detect Fraud
CPE Credit (1 hour)
In accordance with the AICPA/NASBA Statement on Standards for Continuing Professional Education (CPE) Programs and the Missouri State Board of Accountancy, CPE credits have been granted based on a 50-minute hour. Only Missouri licensed CPAs are eligible for these credits.