Prepare fraud risk factor for company - fraud risk asessment, Operation Management

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A formal fraud risk assessment ("FRA") is an important element of an entity's' antifraud programs and controls. Companies must specifically consider their controls to prevent and detect fraud as part of SOX. Likewise, auditors must evaluate a client's antifraud programs and controls as part of their opinion as well as consider what fraud risk factors might directly impact the audit. The FRA is a tool to help evaluate the risk of fraud as well as serving of documentation of that process. Companies and auditors often use those persons with specialist training in fraud as subject matter experts. That role typically involves helping companies understand their real risk of fraud, and the audit team in understanding and evaluating potential fraud risk factors as well as assessing the client's exposure to fraud. In this exercise, you will prepare a formal fraud risk assessment (although abbreviated) for each of the companies listed. ? DynCorp International ? Alliance Data Systems

  • AMR Corporation
  • Baker Hughes
  • Any Company you have worked for or are personally familiar with

 

You are to prepare 10 fraud risk factors for each company based on whatever information you can find out from their public filings, news stories, or other information (including personal knowledge). For each fraud risk factor you identify, you will complete the steps listed below. You should also pick from different areas including In general, I am interested in you capturing a description of your assessment in each of these categories:

  • Fraud Risk Factors
  • Fraud Risk
  • Fraud Scenarios
  • Likelihood
  • Significance
  • Specific Accounts Impacted (or alternatively "Pervasive")
  • Individuals (by title) or departments who could commit the fraud
  • Describe a control which likely deals with this risk

As most of you do not work for these organizations, so you will likely have to speculate or generalize on some of these items. This is fine. I am more interested in your use of these tools and understanding the inputs than I am with document a particular company's assessment.


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