The Fraud Audit Responding to the Risk of Fraud in Core Business Systems

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  • Format: Hardcover
  • Copyright: 2011-08-09
  • Publisher: Wiley
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Essential guidance for creation of an effective fraud audit program in core business systems The Association of Certified Fraud Examiners has reported that U.S. businesses lose up to $4 billion annually due to fraud and abuse. Discover fraud within your business before yours becomes another business fraud statistic. Fraud in the Core Business Systems provides a proven fraud methodology that allows auditors to discover fraud versus investigating it. Explains how to create a fraud audit program Shows auditors how to locate fraud through the use of data mining Focuses on a proven methodology that has actually detected fraudulent transactions Take a look inside for essential guidance for fraud discovery within specific corporate F&A functions, such as disbursement, procurement, payroll, revenue misstatement, inventory, journal entries, and management override.

Author Biography

LEONARD W. VONA, CPA, CFE, is CEO of Fraud Auditing, Inc., and a world-renowned authority in fraud investigation. He has provided expert witness testimony in federal and state courts; consulted with corporations around the world; and is the author of Fraud Risk Assessment: Building a Fraud Audit Program, published by Wiley. A financial investigator with more than thirty years of diversified auditing and forensic accounting experience, including a distinguished eighteen-year private industry career, he regularly speaks at audit conferences and developed the Fraud Training Curriculum for the MIS Training Institute, an internationally recognized audit training organization.

Table of Contents

Prefacep. xi
What Is a Fraud Audit?p. 1
Why Respond to Fraud Risk?p. 3
The Fraud Paradigmp. 4
Fraud Auditingp. 5
Fraud Definedp. 8
The Fraud Trianglep. 8
Responses to the Risk of Fraudp. 12
Summaryp. 13
Professional Standardsp. 15
Overviewp. 16
Fraud Audit Standardsp. 18
Summaryp. 25
Fraud Scenariosp. 27
Key Definitions and Termsp. 28
Fraud Risk Structurep. 30
Classifying Fraudp. 32
Identifying Fraud Scenariosp. 41
Fraud Audit Considerationsp. 46
Summaryp. 51
Brainstorming: The Implementation of Professional Standardsp. 53
What is Brainstorming?p. 54
When to Brainstormp. 56
Summaryp. 66
Assessment of Fraud Likelihoodp. 69
Preparing a Fraud Risk Assessmentp. 69
Summaryp. 81
Building the Fraud Audit Programp. 83
Traditional Audit versus the Fraud Auditp. 84
Responding to the Risk of Fraudp. 84
A Fraud Audit Programp. 85
Testing Proceduresp. 89
Fraud Concealment Effect on the Audit Responsep. 97
Audit Evidence Issuesp. 103
Fraud Scenario Examplesp. 105
Summaryp. 110
Data Mining for Fraudp. 111
The Art and Science of Data Miningp. 112
Strategies for Data Miningp. 129
Limitations of Data Miningp. 131
Summaryp. 132
Fraud Audit Proceduresp. 133
Basis of Fraud Audit Proceduresp. 133
Levels of Fraud Audit Proceduresp. 135
Design of Fraud Audit Proceduresp. 138
Summaryp. 145
Document Analysisp. 147
Document Analysis and the Fraud Auditp. 148
Levels of Document Examinationp. 148
Document Red Flagsp. 150
Brainstorming Sessions and Document Red Flagsp. 155
The Fraud Audit Program and Document Red Flagsp. 156
Summaryp. 156
Disbursement Fraudp. 159
Fraud Risk Structurep. 159
Audit Approachesp. 166
Summaryp. 178
Procurement Fraudp. 179
Fraud Risk Structurep. 181
Audit Proceduresp. 195
Summaryp. 202
Payroll Fraudp. 205
Fraud Risk Structurep. 206
Audit Proceduresp. 212
Summaryp. 222
Revenue Misstatementp. 223
Fraud Risk Structurep. 224
Audit Approachp. 231
Summaryp. 236
Inventory Fraudp. 237
Fraud Risk Structurep. 238
Audit Proceduresp. 243
Summaryp. 249
Journal Entry Fraudp. 251
Fraud Risk Structurep. 252
Audit Proceduresp. 261
Summaryp. 266
Program Management Fraudp. 269
Fraud Risk Structurep. 270
Audit Approachp. 277
Summaryp. 282
Quantifying Fraudp. 283
Conveying the Impact to Managementp. 284
Role of Evidence in Calculating a Fraud Lossp. 287
Impact on the Fraud Auditp. 289
Options for Managementp. 292
Case Studiesp. 293
Summaryp. 296
Appendixesp. 297
p. 298
p. 311
p. 325
p. 339
p. 347
p. 360
p. 363
About the Authorp. 365
Indexp. 367
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