Fraud Audit Techniques Using Excel #293518
Course Details, Learning Objectives, Table of Contents
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This course was updated on 5/24/2018.
Microsoft Excel provides some easy to use tools that can greatly enhance and expedite the fraud audit process. With all detective work, you want to be able to sift through a large volume of data and utilize a tool that is adequately flexible for you to perform immediate investigations of anything questionable. Excel provides a number of different tools however we are going to focus on a couple of extremely useful ones: Auto filter, Arrays as well as a couple of extremely useful functions that include TEXT,WEEKDAY, IFERROR, IFNA MATCH and MOD. Another tool used in fraud audits that does not necessarily require Excel, but can be used in conjunction with Excel, is Benford’s Law. Benford’s law is based on an observation that in certain large data sets, certain digits appear more frequently than others. By comparing the distribution of first digits in some accounting data, this tool can assist you in determining where more investigation is necessary by helping to pinpoint where data may have been contrived through fraud
To overcome an inability to segregate duties as well as other issues, small businesses must look for mitigating controls. The most pervasive mitigating control is the direct oversight of management. This oversight may take the form of financial statement review, approving disbursements, signing checks as well as other review processes. While there are other considerations as to whether the oversight of management may mitigate a lack of segregation of duties and other internal control challenges, if done correctly, this is one of the best ways to overcome these inherent issues.
There are internal control fundamentals that are appropriate for small businesses. This course discusses fundamental operational and accounting controls and also reviews the optimal company culture for an effective internal control environment.
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Open link (above): Course Details, Table of Contents, and Learning Objectives.
Subject Codes/Fields of Study: Auditing
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