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Internal Control & Fraud DetectionCode: 22-IC
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(Note: This course designed to satisfy the California "Fraud" CPE requirement)
The introduction of Sarbanes‐Oxley (SOX) Act law fueled rapid growth in the organizational
importance of internal control systems. Appropriate interpretation and implementation of
theinternal control framework is vital for every organization.This course incorporates and reflects upto‐
date guidance from the PCAOB, the AICPA, the ACFE, and the principles of 2013 COSO Framework.
The course not only addresses the theoretical concept of the internal control systems but also
providesreaders with the practical guidance they needto assume a role in the design,
implementation, maintenance and evaluation of a comprehensive framework of internal controls for
Specifically, the coursepresentsthe principles of internal control to help readers understand the
nature and context of control, such as limitations of internal controls, the most recognized controls
frameworks (e.g. COSO Framework, Green Book), and some common and important control
procedures.It also includes steps on how to identify risks and controls, advice on how to assess the
adequacy of controls, a discussion of how to reach a fair assessment, and documentation
requirements for evidences of effective controls. In addition, the course discusses requirements
related to performing an integrated audit: SAS 130 and AS No. 2201. Although these auditing rules
are mandatory for external auditors and not for management, management should give
consideration to following the approach described in these requirements.
No discussion of internal controls would be complete without an examination of fraud prevention
and detection. All organizations are subject to fraud risks. Fraud is now so common that its
occurrence is no longer remarkable, only its scale. The course offers the essential tools for designing
and implementing programs and controls to prevent and detect fraud. It focuses on the causes of
fraud, fraud risk factors, some of the more common types of fraud, fraud symptoms, and fraud
preventive and detective techniques, along with some recent cases in corporate fraud. It explains the
differences between forensic accounting and auditing. It also includes the ACFE Fraud Prevention
Checkup to help organizations identify major gaps and fix them before it is too late.
This course includes an illustration of potential internal controls weaknesses involving accounting
and financial reporting cycles, along with examples of compensating controls. It provides sample
audit programs of key processes. It also incorporates appendixes including: an example of
management internal control report, a SOX Section 404 management compliance checklist, financial
reporting controls and information systems checklist for each key cycle (e.g. revenue, inventory,
financing), and a computer applications checklist.
Presentation Method: QAS Self-Study
CPE credit: 8 Hours
Program Level: Update
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase
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