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Fraud: What to Look For and Where to Look

FRAUD: WHAT TO LOOK FOR AND WHERE TO LOOK

Cost Free
CPE Credits 1.0 hour
Subject Area 1.0 - Auditing
CE Credits 0.0 hours
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

Fraud is a threat to every organization and can cost millions of dollars. As an auditor, we have to constantly be on the lookout for it. Every major audit standard has some kind of fraud provisions that auditors are required to follow. You can’t get around it. It starts with the planning process and carries throughout the audit engagement. Every auditor should be familiar with the key fraud red flags and the major fraud schemes.

Every internal auditor is required to look for indicators of fraud in every audit engagement. Every major audit association has a standard that speaks to fraud and how the auditor should handle it. That means that the auditor should be aware of the various audit schemes and what to look for.

Learning Objectives:


  • Define audit standards relative to fraud

  • Identify the factors that lead to fraud

  • List the three major fraud schemes and the key sub schemes

  • Determine audit tests for various fraud schemes

  • Report on key survey information on fraud including the likely persons to commit fraud, the areas where frauds are committed, the likely schemes used, and the red flags to look out for

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Mr. Keith has over 40 years of audit experience and served as the Chief Audit Executive for the Metropolitan Atlanta Rapid Transit Authority (MARTA) for 11 years before his retirement in 2012.  

As the Chief Audit Executive for MARTA, he was responsible for administering the overall audit activities for the Department of Internal Audit. 

He has been a volunteer seminar instructor for the Institute of Internal Auditors. He currently teaches audit webinars, including:
•    Writing Effective Audit Observations
•    Putting the Quality in Audit Reports
•    What it Takes to be the Auditor-In-Charge
•    Assessing Risk and Evaluating Controls
•    What It Takes to be the Auditor-In-Charge

He has been published three times in the IIA Magazine’s “Back to Basics” section. He has a degree in Economics from Clark Atlanta University. His certifications include Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), and Certified Government Auditing Professional (CGAP).

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About Our Presenter

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Mr. Keith has over 40 years of audit experience and served as the Chief Audit Executive for the Metropolitan Atlanta Rapid Transit Authority (MARTA) for 11 years before his retirement in 2012.  

As the Chief Audit Executive for MARTA, he was responsible for administering the overall audit activities for the Department of Internal Audit including:
  • Providing the Board, the GM/CEO, MARTA Management and appropriate government entities with independent analysis, appraisals, and recommendations concerning operational, information technology, contract compliance, and financial audits.
  • Directing the day-to-day activities for three audit managers, 12 auditors and the audit coordinator.
  • Developing and/or reviewing all audit reports and audit correspondence.

His other audit experience includes serving as: 
  • Operational Audit Manager at MARTA 
  • Senior Auditor in the Contract Compliance Audit Branch at MARTA
  • Senior Auditor at Norfolk Southern Railway
  • Bank Examiner at the Federal Reserve Bank of Atlanta.  

He has been a volunteer seminar instructor for the Institute of Internal Auditors. Some of the courses taught included: 
  • Writing Effective Audit Reports
  • Tools and Techniques for the Beginning Auditor
  • Communication Skills for Auditors
  • Leadership Skills for the Auditor-In-Charge
  • Audit Project Management
  • CIA Review Course

He currently teaches audit webinars, including:
  • Writing Effective Audit Observations
  • Putting the Quality in Audit Reports
  • What it Takes to be the Auditor-In-ChargeAssessing Risk and Evaluating Controls
  • What It Takes to be the Auditor-In-Charge
He has been published three times in the IIA Magazine’s “Back to Basics” section.

He has a degree in Economics from Clark Atlanta University.  His certifications include Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), and Certified Government Auditing Professional (CGAP).