Fraud Data Analytics: Overview and Developing a Fraud Data Analytics Program

Fraud data analytics 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. Topics covered include an overview of fraud, fraud schemes and red flags, the fraud data analytics team, tools and resources, and general testing methodologies. This course also includes the fraud risk assessment, the fraud risk assessment ratings and response, fraud data analytics development, data sources, challenges in using data analytics, and mitigating skill gaps with tools. Who Should Attend Financial, Operational, Internal, IT, and External Auditors; Audit Managers; Fraud Investigators and Managers; Risk and Compliance Managers and Officers; Information Security professionals.