Financial Statement Fraud, Internal Controls and Audit of Recovered Asset Accounts

Course overview

Institutions that hold seized and forfeited assets are attractive targets for fraud. Cash can be skimmed, valuable vehicles swapped for scrap, auction proceeds diverted and figures adjusted to hide losses. This course on audit of recovered asset accounts gives auditors the methods to detect such problems and to provide reliable assurance over the records.

Participants learn the fraud risks specific to asset recovery bodies, from seizure through custody to disposal, and how financial statement manipulation can conceal them. They then design and test internal controls over registers, cash, physical assets and disposals, and plan risk-based audits that combine data analytics, physical verification and document review. Practical work includes analysing an asset register for anomalies, tracing auction proceeds to the bank, and reconciling custody records with court orders. The course ends with reporting findings and following up on recommendations.

Participants leave able to plan and carry out audits that detect fraud and control weaknesses in recovered asset accounts.

What you will be able to do

• Identify fraud risks across the seizure, custody and disposal cycle
• Recognise indicators of financial statement manipulation in recovered asset accounts
• Evaluate internal controls over registers, cash, physical assets and disposals
• Plan risk-based audits of asset recovery institutions
• Apply data analytics and physical verification to detect anomalies
• Trace disposal proceeds and reconcile custody records with court orders
• Report findings and follow up recommendations effectively

Who should attend

For internal and external auditors, inspectors and finance managers who review or are responsible for the accounts of asset recovery and asset management institutions.

• Internal auditors
• Supreme audit institution auditors
• Forensic auditors
• Finance managers
• Audit committee members
• Inspectors general
• Compliance officers

Course outline

Fees are per participant in US dollars and cover tuition, course materials and your certificate. Travel and accommodation are not included.