A fraud risk statement is not how the fraud is concealed or how a perpetrator benefits from a committing a fraud risk … See more

There is often some element of misunderstanding between a fraud risk statement and how a scheme occurs – indeed many believe the two to be identical although this couldn’t be further from the truth. The f… See more

So how can you create a fraud risk statement that will provide fraud auditors with the necessary elements to build their fraud audit program? The fraud risk statement has five elements and should be written in th… See more

This starts with a generic description such as Accounts Payable Function or Budget Owner. The generic description then changes to the specific control owner as the internal auditor gains an understanding of the busin… See more

Type of entity should start with looking into the business system. In the expenditure cycle the entity is a vendor, in payroll the entity is an employee, in revenue the entity is a customer, and so on. There are two types of ent… See more