CSI Four Key Modules

Fraud Risk Management (FRM)

Overview

  • Fraud is a concept that is generally understood but whose characteristics are often not recognized until it is too late. Corporate fraud costs businesses hundreds of millions of dollars each year. Responsibility for fraud prevention sits with Management and the Audit Committee. The potential damage, both financial and reputation, together with ever-tightening corporate governance requirements in Malaysia, means that you cannot afford to ignore this risk and assume that fraud will not happen to you.
  • The course is to introduce the concept of fraud risk management and all the practical approaches, ideas and concepts you need to understand how and why fraud happens, to recognize the warning signs, to adopt appropriate preventive measures and managing properly if fraud is suspected or discovered.

Learning Outcome

After completing this course, participants will be able to:

  • Be aware of the concept of fraud risk management.
  • Be more aware of how and why fraud happens.
  • Be more aware of warning signs of fraud.
  • Practice and acquire a practical approach to combat or prevent fraud.
  • Understand and apply these techniques in their organizations.
  • Manage confidently and effectively if a fraud is suspected or discovered to take place.

Further training after completing this course will enable participants to articulate to management and those charged with governance the business case for managing fraud risk, understand the concept in developing a fraud risk management program for an organization, and the need to evaluate the design and implementation of an existing fraud risk management program.

Systemic Risk Management (SRM)

Overview

  • For systemic risk, our focus will mostly be on controls in an organization. Control objectives should form the framework of each systems audit assignment and they should detail the various aspects of a system’s objectives. Control objectives should be specific enough to provide the basis for evaluation. Generalizations such as “to ensure that support services are adequate” should be avoided. Only by having a comprehensive understanding of the controls that are in place only then we can prepare a suitable audit programme to review and test the key controls.
  • Hence, to carry out a proper systemic risk review, there is a need to be clear about the relevant organizational and management objectives before the start of each audit engagement. This course will then touch on methods used to source for information and to test the internal controls. The course will also talk about proper documentation of audit findings.
  • However, auditors should be mindful that internal auditing is not simply a series of stages that can be completed one after the other. When they test the controls that they have identified, they may discover further controls or that some controls are not actually operating as expected. They will then have to go back and revise their system notes to ensure these reflect the actual controls that are operating in practice.

Learning Outcome

After completing this course, participants will be able to:

  • Learn to understand risk and to identify, evaluate and document internal controls.
  • Use preliminary survey to determine how and what to review.
  • Understanding how an organization operates and range of different types of controls that are being used.
  • Discover the best techniques for getting audit evidence and preparing work papers.
  • Learn interviewing skills to extract key information from people.

Financial Risk Management (FRM)

Overview

  • Businesses are known to use creative accounting techniques to disguise damaging information in financial statements so as to present a distorted picture of its financial health, to boost current year earnings or to shift current-year earnings elsewhere. Financial fraud is a critical issue for not only investors but also law enforcement agencies, financial institutions and related government agencies.
  • A financial investigator’s task is to look beyond the numbers in financial statements and they have to continuously develop and utilize tools which can unravel complex financial statements to reveal “red flags” and financial shenanigans that warrant further investigation as these may lead ultimately to the discovery and confirmation of fraudulent practices.
  • While acknowledging that no single approach to such financial analysis can fit every organization’s needs, this programme outlines the concept of a spreadsheet financial analysis tool that has been found to be generally effective when tailoring a specific task in line with an organization’s goal in detecting and managing fraud risk.
  • This financial statement analysis tool is developed to uphold consistency in computing financial ratios and trend analysis. Thus more effort and time can be re-channeled towards interpreting, comparing and looking for indicators of “red flags”.

Learning outcomes

After completing this course, participants will be able to:

  • Understand the nature and types of financial statement fraud.
  • Detecting creative accounting practice and learning methods to prevent financial statement fraud.
  • Understanding how digital forensic is applied to aid financial statement reconstruction.
  • Learn to recognize the information financial statements convey and how to interpret and act upon the information when reviewing financial statements.
  • Learn to compute selective financial ratios and trend analysis in order to interpret, compare and look for indicators of “red flag” in financial statements.
  • Use spreadsheet oriented tools to perform financial statement analysis in order to gather leads as to what could have gone wrong with the subject’s businesses.

Digital Data Risk Management (DRM)

Overview

  • There are basically two key elements in DRM: Understanding Digital Forensics and Data Management. The first require understanding of how data is being stored in computer system and the second requires an understanding of data analytics and key elements of computer security.
  • The course will touch on computer security and how data can be compromised. In computer security, there are three key elements that we must take note: Availability, Data Integrity and Confidentiality. There will also be topics on security measures to prevent or protect against access to information by unauthorized recipients, and intentional but unauthorized destruction or alteration of that information.
  • In Digital Forensic, we explore the role of Digital Investigators in collecting, documenting, and preserving digital evidence to extracting useful data and combining them to create an increasingly clearer picture of the crime as a whole. There is also a topic on forensic science that talks about tested methods for processing and analysing evidence and reaching conclusions that are reproducible and free from distortion or bias.

Learning outcomes

After completing this course, participants will be able to:

  • Learn to manage between the advantages of enforced computer security and strong reliability against the disadvantages that tight security measures do have.
  • Understanding the methodology that is applied by digital investigators on collecting evidence and presenting evidence in court
  • To understand and apply the four main principles of Digital Forensics
  • To be aware under what situations would change to a suspect’s computer by a computer forensic examiner be necessary
  • To appreciate the impacts of Digital Forensics in any audit or investigation

Apart from the four modules, we also carry out in-house training programs, which are designed to suit the needs of each individual and their organizations. Our range of topics is designed to empower your employees with valuable corporate and financial skills.