Internal Control and Fraud Detection
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.

Course Publication Date: August 05, 2016

This course is available with NO ADDITIONAL FEE if you have an active self study membership or can be purchased for $90.00!

Author:Delta CPE
Course No:AUD-ICFD-4056
Recommended CPE:9.00
Delivery Method:QAS Self Study
Level of Knowledge:Overview
Advanced Preparation:None
Recommended Field of Study:Auditing
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Learning Objectives
  • 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.
  • 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.
  • Indicate some methods of choosing a random sample.
  • Recognize discovery sampling.
  • 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.

CPE Depot Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:

Sponsor Number: 109423


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