Why Fraud Happens and What to do: Critical Concepts on How to Prevent, Detect and Mitigate Fraud


Instructor: Lynn Fountain
Product ID: 703878

  • Duration: 90 Min
Auditors and financial managers are not expected to have the expertise of forensic investigators, but they should have adequate knowledge of the aspects of fraud and maintain a skeptical mind when it comes to reviewing potential violations. Like internal controls, the economy, and business strategy, fraud continues to evolve and auditors must stay abreast of its root causes. This training program will highlight these root causes and detail suggested mitigation and investigation techniques.
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Why Should You Attend:

Inherently, organizations strive to ensure the individuals they hire are honest and ethical. In the same vein, executives often find themselves avoiding the open topic of fraud awareness because of the concern that “fraud awareness may lead to people committing fraud”. However, this very fact can itself contribute to an atmosphere that allows inappropriate behavior to happen. Depending upon the fraud perpetrated the professional who takes on the investigative and examination role may vary. However, all compliance and risk professionals can perform a vital role in their organizations’ anti-fraud program.

This webinar will address why most organizations would agree that pro-active identification of risks is more beneficial than reactive mitigation. Similarly, it will discuss how a pro-active process for training and educating the employee population about fraud can serve a much greater benefit than simply reacting to identified instances of fraud.

Areas Covered in the Webinar:

  • The psychology of fraud and connection to the fraud triangle and fraud diamond
  • Understanding the white collar criminal mind
  • Typical high risk fraud processes and fraud red flags
  • Unique methods for management and auditors when investigating and identifying fraud
  • The value in anti-fraud programs
  • Employing COSO 2013 within fraud concepts
  • Considerations for reporting procedures when fraud is identified
  • Internal controls and other fraud prevention measures
  • Who should manage anti-fraud activities
  • Best practices and methods for fraud detection
  • Risk prevention and fraud mitigation processes and measures

Who Will Benefit:

  • Financial managers
  • Controllers and corporate managers
  • Forensic and management accountants, accounts payable and financial analysts
  • Governance, risk management and compliance professionals
  • Internal and external auditors, CPAs and CAs
  • Certified fraud examiners and other anti-fraud professionals

Instructor Profile:

Lynn Fountain is currently authoring a new book sponsored by the Institute of Internal Auditors Research Foundation as an educational product for internal auditors. She has worked as a CAE for two international companies and has significant experience in evaluating and investigating fraud including a $13M vendor fraud that involved working with the FBI and resulted in ultimate indictments of the vendors and charges levied against 20 internal employees.

Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in internal audit, Sarbanes-Oxley, enterprise risk management, fraud, governance and compliance. Ms. Fountain has held two chief audit executive positions for international companies. She has also been instrumental in establishing ERM, Sarbanes-Oxley, and governance frameworks.

Ms. Fountain has developed and delivered leading edge training sessions on the new COSO framework and has assisted companies in identifying risk gap analysis in their individual processes. In addition, she is authoring a second publication on “The Realities of Performing the Chief Audit Executive Role” that will be released in 2015.

She is in the process of authoring a publication for the IIA Research Foundation on aspects of fraud auditing. The publication is due out in 2015. She has been an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.

Topic Background:

Many organizations don’t think about the fraud issue until something has occurred or been identified and they need someone to perform an investigation. The topic of fraud — whether it relates to awareness and prevention techniques, fraud auditing, recent frauds in corporate America, or the criminal mind — continue to be on the radar of investors, shareholders, and regulators. With ongoing technological advances in IT infrastructure, new and emerging fraud methods are continually being identified.

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