Every day, globally, thousands of established and small businesses fall victim to organized fraud by seemingly unknown people posing as genuine or who have remained relatively undetectable during the period of the fraud. This is why Rcademy has designed Certificate Course on Forensic Accounting and Fraud Detection to expose participants to becoming exceptional forensic accountants. The training will focus on understanding the techniques employed in investigating, detecting and preventing fraud in financial statements.
Forensic Accounting employs accounting, auditing, and investigative abilities to conduct investigations and prosecute crimes and fraudulent activities. Forensic Accounting has recently gained prominence due to the significant growth in financial fraud and corporate crimes. ‘Forensic’ means “fit for use in a court of law,” and forensic accountants are often required to work to that quality and potential outcome. In addition, it will focus on detecting assets overstatement, revenues, profits, liabilities, losses and expenses.
How is forensic accounting different from auditing?
While both terms are related to financial propriety, they are very distinct in function and purpose. For example, auditing determines the similarity and balance of a company’s financial report with its financial realities. In contrast, Forensic Accounting is purely about identifying and uncovering financial improprieties and frauds.
The Certificate Course on Forensic Accounting and Fraud Detection by Rcademy aims to create an awareness of the relevant laws regulating economic crime, including common law and the law of evidence. Participants will master every area of fraud perpetrated by employees and superiors.
Who should attend?
Certificate Course on Forensic Accounting and Fraud Detection by Rcademy is ideal for different people, especially those constantly involved in businesses and financial operations. However, the course is generally recommended for the following set of people:
- Audit managers in charge of analyzing an organization’s financial books
- Risk and compliance officers that ensure that all financial and legal regulations are strictly adhered to
- Financial forensic practitioners guide the process of carrying out a comprehensive search of financial transactions
- Fraud investigators and prosecutors are responsible for carrying out investigations to establish fraud and financial scandals
- Financial analysts who make projections of the financial operation of the organization based on financial information available
- Forensic accountants are responsible for keeping records of all digital financial records
- Human resource practitioners who manage the affairs and operation of different personnel within the organization
- Any other individual interested in Fraud Detection
What are the course objectives?
The certificate Course on Forensic Accounting and Fraud Detection by Rcademy aims to achieve different and crucial objectives at the end of the training exercise. Hence, at the end of the sessions, participants should be able to:
- Contribute to the knowledge of the accountants’, auditors’, attorneys’, and fraud examiners’ duties
- Develop an understanding of the pertinent legislation governing economic crime, including common law and the law of proof
- Understand all the facets of employee and management fraud
- Assist with the selection of investigation tactics and instruments
- Understand how to design an investigation effectively and collaborate with other investigators
- Collect evidence forensically to guarantee its admissibility in later hearings
- Differentiate between available tools and when to utilize them
- Investigate hidden assets using financial or other related documents
- Utilise technology throughout the investigative process with access to various tools, including freely available open-source software
- Understand fundamental ideas for securing a computer and data to ensure that evidence is acceptable in future court cases
How will this course be presented?
This course’s content has been meticulously crafted to be participant-centered. The course is presented utilizing various practical approaches that ensure participants actively learn. Experts present the course material with extensive experience in Forensic Accounting and Fraud Detection. The individual modules covered in this course cover a broad range of topics.
The Rcademy course on Forensic Accounting and Fraud Detection emphasizes practical learning by requiring learners to participate in hands-on activities while learning. The course uses case studies and scenarios to enhance learning and guarantee that theoretical knowledge is retained to actively build practical experience. As a result, the course is continually updated to reflect current practices and effective methods. Course participants’ feedback is also helpful in curating the course to match the needs of the students.
What are the topics covered in this course?
Module 1: Introduction to Forensic Accounting
- Overview of Forensic Accounting
- Recent knowledge of Forensic Accounting
- Forensic Accounting profession
- Forensic Accounting application
- Forensic Accounting, contexts and Specialty
Module 2: Society and Fraud
- Definition of fraud
– Meaning and context
- Types of Fraud and Practice
- Context of financial fraud
- Impact of fraud
- Occupational frauds
– Categories of occupational fraud
- Perception of fraud
- Profiling a fraudster
- Economic crimes and social consequences
Module 3: Fraud Risk Management
- Introduction to fraud risk management
- Scope
- Cash fraud schemes
- Fraud risk management strategies
– Assessment
– Governance
– Prevention
- Fraud risk detection
- Monitoring and reporting
Module 4: Investigation of Financial Crime
- Methodologies of investigation
- Instruments of investigation
– Approaches employed in the corporate world
– Approaches employed and public sectors
- Tracing unregistered/hidden assets
- Analyzing financial ratios
- Examining anti-competitive behavior
- Protecting the investigation’s outcome
Module 5: Laws for Forensic Accounting
- Introduction to legal issues surrounding Forensic Accounting
- General Principles of criminal law
– Fraud theft
- Corruption
- Misappropriation of trade secrets
- Money laundering
- Cyber-related crime
- Liability of an entity
- Commercial entities
- Whistleblowing
Module 6: Financial Analysis Principles
- Overview of financial analysis
- Components of financial analysis
– Revenues
- Profits
- Operational efficiency
- Capital efficiency
- Liquidity
- Tools for financial analysis
- Horizontal analysis
- Vertical analysis
- Financial ratios
Module 7: Management of Cyber and Electronic Crime
- Introduction to financial cybercrime
- Phishing
- Cyber extortion
- Data breach
- Identity theft
- Harassment
- Investigating cybercrime
- Financial Theft
- Theft of service
- Fraud
- Exploitation
- Tools available for cybercrime investigation
- Data protection and security
Module 8: Money Laundering Detection and Investigation
- Overview of money laundering
- Stages of money laundering
– Placement
- Layering
- Integration
- Indicators of money laundering
- Information withdrawal
- Incomplete and inconsistent information
- Suspicious money transfers and transactions
- Negative reviews
- Money laundering forms
- Smurfing
- Shell corporations
- Investments in real estate
- Gambling
- Counterfeiting
- Money laundering investigation
Module 9: Economic Crime Schemes
- Employee thefts
- Financial institution fraud
- Insurance fraud
- Outsiders’ fraud
- Management thefts
- Corporate thefts
- Identity theft
- Pyramid and Ponzi schemes
Module 10: Investigating Fraudulent Transactions in Business
- Case initiation
- Case Evaluation
- Solvability factors
- Goal planning
- Investigation
Module 11: Investigators’ analysis tools
- Overview of analysis tools
- Associational analysis
- Temporal analysis
- Inferential analysis
- Benefits of inferential analysis
- Meaning of inference network
- Investigative inference scrutiny
- Designing an investigative inference blueprint
- Plotting the blueprint
- Tip for blueprint success
- Blueprint application to the investigation
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