Overview
Fraud data analytics (FDA) is the process that allows the auditor/investigator to evaluate the entire set of data to identify fraud red flags, which are related to a specific fraud scenario; they will then alert the auditor/investigator to focus on certain transactions and areas to review controls, conduct interviews, and examine source documents to determine whether a fraud scheme is occurring or there is simply an error or mistake. Thus, fraud data analytics aims not to identify fraud but rather to identify red flags that would assist the auditor/investigator generate a sample of transactions to examine further in detail. Fraud data analytics does not replace the “old fashion” audit and investigative procedures of gathering relevant and sufficient evidence to conclude whether a fraud scheme has been perpetrated.
Learning Options
Below are the available learning options for this course:
AuditPro
Online On-Demand
This course is available through AuditPro — a subscription-based, on-demand learning platform. As a subscriber, you will have access to an ‘all you can watch’ library of courses that are built in alignment with the National Association of State Boards of Accountancy (NASBA) standards.
Learn more & subscribeEnterprise Solutions
Tailored Experience
Bring this course to your organization at your convenience. ACI Learning can deliver this instructor-led course for your team at a chosen location or virtually. Alternatively, choose the topic(s) you need and ACI will craft a training solution to keep your team future-proof.
Customize your trainingNASBA Certified CPE
Auditing
Why you should take this course
For users with an intermediate knowledge of this topic, and are searching for a deeper understanding of its evolving complexities.
Who should take this course
Financial, Operational, Internal, IT, and External Auditors; Audit Managers; Fraud Investigators and Managers; Risk and Compliance Managers and Officers; Information Security professionals.
Prerequisites
- Testing for Occupational Fraud
- Forensic Auditing
- or equivalent experience
1. What is Fraud Data Analytics?
• Fraud Overview
• Fraud Schemes and Red Flags
• Fraud Data Analytics Team
• Tools and Resources
• General Testing Methodologies
2. Fraud Data Analytics Program
• Fraud Risk Assessment (FRA)
• FRA Ratings and Response
• FDA Development
• Data Sources
• Challenges in Using Data Analytics
• Mitigating Skill Gaps with Tools
3. Cultivating Additional Skills
• Soft Skills Development for Auditors
• Privacy Concerns
• Team Structure
• Navigating Difficult Conversations
4. Travel and Entertainment
• Schemes
• Associated Red Flags
• FDA Tests Design
• Interpreting Test Results and Follow-Up
5. Payroll
• Schemes
• Associated Red Flags
• FDA Tests Design
• Interpreting Test Results and Follow-Up
6. Credit Cards and P-Cards
• Schemes
• Associated Red Flags
• FDA Tests Design
• Interpreting Test Results and Follow-Up
7. Accounts Payable and Disbursement
• Schemes
• Associated Red Flags
• FDA Tests Design
• Interpreting Test Results and Follow-Up
8. Shell Companies
• Schemes
• Associated Red Flags
• FDA Tests Design
• Interpreting Test Results and Follow-Up
9. Procurement
• Schemes
• Associated Red Flags
• FDA Tests Design
• Interpreting Test Results and Follow-Up
10. Anti-Bribery and Corruption (ABC)
• Schemes
• Associated Red Flags
• Committed by Company
• FDA Tests Design
• Interpreting Test Results and Follow-Up
11. Financial Statements, Journal Entries, Revenue, and Liabilities
• Schemes
• Associated Red Flags
• FDA Tests Design
• Interpreting Test Results and Follow-Up
12. Findings and Value
• Analyzing and Presenting Findings
• Quantifying FDA Value
- Identify the attributes of a Fraud Data Analytics program.
- Identify the steps to building a Fraud Data Analytics program and team.
- Identify and correlate red flags to fraud schemes.
- Observe Data Analytics scenarios that can be used to identify fraud.
- Create test designs that can be used to identify fraud.
ACI Learning 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: www.nasbaregistry.org.