COSO Fraud Risk Management

Overview

This one-day training class helps auditors and audit managers to obtain a comprehensive understanding of Fraud Risk Management (FRM). The course is structured around the second edition (2023) of the COSO Fraud Risk Management Guide and will cover the essential components an organisation should have in place to manage its fraud risk. Topics will be covered through guidance on tools, tricks and procedures and by means of several good practice examples. You will be coached on the set-up of a FRM system adapted to your organisation through a series of exercises, feedback sessions and class discussions.

Target Audience

Internal auditors, audit managers and directors with basic knowledge on COSO ERM but with a key interest in learning how to understand and be able to evaluate an organisation’s fraud risk management system.

Course Objectives

• Learn how internal audit can and should play a role in (evaluating) an organisation’s fraud risk management system
• Obtain profound knowledge of fraud risk management and specific components which will enhance your understanding on the effectiveness of fraud risk system components
• Receive guidance in setting up an audit work program for evaluating an organisation’s fraud risk management system

Course Content

• Guidance on key aspects of the 5 Fraud Risk Management principles: Fraud Risk Governance, Fraud Risk Assessment, Fraud Control Activities, Fraud Investigation (and Corrective Action) and Fraud Risk Management Monitoring Activities.
• Tips and tricks on how to practically implement a Fraud Risk Management system that is adapted to the needs of your organisation by covering good practices, easy-to-use templates and tools, and basic procedures.
• Coaching on the set-up of a FRM system adapted to your organisation through exercises on assessment of fraud risk, design of essential fraud prevention and detection controls, and monitoring the functioning of the Fraud Risk Management system.

Prerequisites 

The training class itself and all materials will be provided in English. Prior to the class, participants are advised to read through the executive summary of the COSO Fraud Risk Management Guide 2nd edition (available for free on the coso.org website). The full version of the 2nd edition (e-copy) is available for purchase via IIA’s bookstore (79 USD).