In this course the following real-life examples will be discussed and be detailed with videos, documents and narratives:

• Satyam

• Daimler Benz/Mercedes

• Siemens

• WorldCom

• Tyco

• Barings Bank

• Ahold

• Enron

• Lehmann Brothers

• Madoff

• MF Global

• Fannie Mae

• HealthShouth

• Qwest

• ZZ Top Carpet Cleaning

• Palm Invest

• Cendant

• CO2-certificates.

This program answers questions such as: 

• What are some common frauds per industry?

• What are the generic and specific aspects of the covered fraud examples?

• Which weaknesses made the frauds able to last?

• How the frauds at the end were become detected?

• Can we develop controls to prevent and detect the specific frauds covered?

 

This program has the following typical structure:

Day I

08.00 – 09.00	Registration and Reception with coffee
09.00 – 09.30	Introduction
09.30 - 10.30	Ponzi Schemes: Palm Invest and ZZ Top Carpet Cleaning
10.30 – 10.45	Break
10.45 - 12.00	Satyam fraud and Tyco
12.00 – 12.45	Siemens and Daimler Benz
12.45 – 13.00	Exercise
13.00 – 14.00	Lunch Break
14.00 - 14.30	Review of the exercise – discussion
14.30 -15.00	Enron and WorldCom
15.00 -15.15	Break
15.15 -16.30	Madoff, Ahold
16.30 – 17.00	Wrap-up

 

Day 2

08.00 – 09.00	Registration and Reception with coffee
09.00 – 09.30	Recap Day 1: FAQ
09.30 - 10.30	Frauds in manufacturing industry
10.30 – 10.45	Break
10.45 - 12.00	Frauds in the services industry and hospitality industry
12.00 – 12.45	Frauds in health care industry
12.45 – 13.00	Exercise
13.00 – 14.00	Lunch Break
14.00 - 14.30	Review of the exercise
14.30 -15.00	Fraud in the public sector and not-for-profit organizations
15.00 -15.15	Break
15.15 -16.00	Fraud in the finance industry (banking, insurance, pension funds  and investment companies)
16.00 – 16.30	Closure

Prerequisites

• Understanding of basic audit principles.
• Experience in fraud examinations is encouraged.
• The knowledge of the course Fraud Examination and Forensic Examination – Foundation.
• No advance preparation is required for this course.

Topics

The following topics are covered:

• Be informed and discuss the major recent frauds
• Learn common fraud per industry
• Due to the actuality of the course, topics may be added if recent examples are relevant.

Course benefits

• A better understanding of the most famous frauds of recent history.
• Be able to use the recent frauds as reference points in common failures in internal controls
• Understand the red flags related to the covered frauds.
• Understand and identify common frauds per industry
  • Manufacturing
  • Hospitality and Services
  • Finance (Banking, Insurance companies, Pension funds, investment companies)
  • Public Sector (government) and not-for-profit organizations
• Be able to identify the most common frauds relevant for your company, and to assess the controls to prevent and detect them.

Who should attend?

This course is especially interesting for:

• Any professional in an Audit Position with experience and knowledge of the fraud concept.
• Anyone in a controlling or management position with a responsibility for internal controls.

Number of days and price

This course lasts two days and the course fee is US$ 1,400.