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Course Details

Internal Control and Fraud Detection (Course Id 689)

Updated / QAS / Registry
Author : Jae K. Shim, Ph.D., CPA
Status : Production
CPE Credits : 9.0
IRS Credits : 0
Price : $80.95
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Accounting - Accounting for Course Id 689

Description :


Internal Control and Fraud Detection covers the essential tools you need to perform internal-control related services. It will take you through your clients’ responsibility to design and implement programs and controls to prevent, deter, and detect fraud. It touches on internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act — “Enhanced Financial Disclosures, Management Assessment of Internal Control” — which mandates sweeping changes. Additionally Section 404, in conjunction with the related SEC rules and Auditing Standard (AS) No. 5, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements), established by the Public Company Accounting Oversight Board (PCAOB), requires that the management of a public company and the company’s independent auditor issue two new reports at the end of every fiscal year. These reports must be included in the company’s annual report filed with the Securities and Exchange Commission (SEC).

This course also covers Management’s Antifraud Programs and Controls and the risk factors included in AU 240. A major section then deals with forensic accounting, a specialty requiring the integration of investigative, accounting, and auditing skills. The forensic accountant looks at documents and financial and other data in a critical manner in order to draw conclusions, to calculate values, and to identify irregular patterns and/or suspicious transactions. As experts in this area, forensic accountants understand the fraud risk areas and have extensive fraud knowledge and experience of dealing with the application of accounting facts gathered through auditing methods and procedures to resolve legal problems. They do not merely look at the numbers but, rather, look critically behind the numbers in search of significant patterns.

Finally, Internal Control and Fraud Detection provides its readers with practical guides and checklists such as indicators of financial crime, the ACFE’s fraud prevention checkup, an internal control assessment form, computer applications checklist, and financial reporting information systems and controls checklist. All in all, this course will guide its readers to expertise in a specialist, but essential, area of managing their business.

Usage Rank : 0
Release : 2016
Version : 999
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method :
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 06-Feb-2016
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 689

Keywords : Accounting, Internal, Control, Fraud, Detection, cpe, cpa, online course
Learning Objectives :

Chapter 1
Internal Control and the Internal Audit Function

After studying this chapter you will be able to:
    • Recognize the purposes of internal auditing.
    • Identify the stages in the audit process.
    • Understand the audit control environment.
    • Identify what the internal audit report involves.
    • Identify the implication and significance of the Sarbanes-Oxley Act.
    • Recognize what is meant by “internal control over financial reporting" in accordance with Section 404 of Sarbanes-Oxley.
    • Differentiate between the new reporting model and historical reporting

Chapter 2
Internal Audit of Financial Statement Accounts

After studying this chapter you will be able to:
    • Identify some sample audit processes for the organization.
    • Recognize management’s antifraud programs and controls and the risk factors included in AU 240.
    • Identify risk factors relating to misstatements arising from fraudulent financial reporting.
    • Recognize some of the risk factors that could ultimately lead to misappropriation of assets.
    • Recognize some of the techniques for fraud prevention.

Chapter 3
Statistical Sampling in Tests of Controls

After studying this chapter you will be able to:
    • Indicate some methods of choosing a random sample.
    • Recognize discovery sampling.

Chapter 4
Fraud Prevention, Fraud Detection, and Forensic Accounting

After studying this chapter you will be able to:
    • Recognize how to prevent fraud.
    • Recognize the difference between auditing and fraud examination.
    • Identify items of forensic accounting and auditing.
    • Recognize some of forensic accountants’ investigation procedures.
    • Identify different fraud symptoms.
    • Identify different tools and technology used in forensic accounting and fraud detection.
Course Contents :

Chapter 1: Internal Control and the Internal Audit Function

Learning Objectives

Internal Auditing Aspects

COSO Integrated Framework 2013

Key Points of Auditing Standard No. 5

Chapter 1 Review Questions

Chapter 2 Internal Audit of Financial Statement Accounts

Learning Objectives

Financial Statement Assertions

Auditing Objectives and Procedures

AU 240 – Consideration of Fraud in a Financial Statement Audit

Risk Factors Relating to Misstatements Arising From Fraudulent Financial Reporting

Risk Factors Relating to Misstatements Arising From Misappropriate of Assets

Techniques for Fraud Prevention

Chapter 2 Review Questions

Chapter 3:   Statistical Sampling in Tests of Controls

Learning Objectives

Tests of Controls

Statistical Sampling

Sampling Risk

Methods of Choosing a Random Sample

Attribute Sampling

Discovery Sampling

Multistage Sampling

Variables Sampling

Stratified Sampling

Judgment (Nonstatistical) Sampling

Chapter 3 Review Questions

Chapter 4:    Fraud Prevention, Fraud Detection, and Forensic Accounting

Learning Objectives

Fraud prevention

Forensic Accounting and Auditing

Cases in Forensic Accounting


Indicators of Financial Crime

Internal Control Assessment Form

Computer Applications Checklist—Medium to Large Business

Financial Reporting Information Systems and Controls Checklist - Medium to Large Business

Chapter 4 Review Questions


Accounting Course 689 Home: https://www.cpethink.com/accounting-cpa-courses
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