Reduce the Risk of Fraud with
Effective Internal Controls
04- 08 August 2025
Sandton Centre, Johannesburg South Africa
Register Now! Limited Seats Available!
R17, 999.00 Per Delegate
Course overview
In today’s increasingly complex and high-risk business environment, fraud remains one of the most significant threats to organizations across all sectors. Whether through asset misappropriation, financial misstatement, procurement fraud, or collusion, fraudulent activity can cause severe financial loss, reputational damage, and legal consequences. While no system can eliminate fraud risk entirely, robust internal controls can significantly deter, detect, and mitigate fraudulent behavior before it escalates.
This comprehensive course is designed to equip participants with the knowledge and practical tools needed to identify fraud vulnerabilities and implement effective internal controls. It begins by establishing a foundational understanding of fraud, including the psychology behind it, common schemes, and methods used by perpetrators.
The course then delves into the design and application of internal control frameworks, with an emphasis on preventive, detective, and corrective mechanisms that align with internationally recognized standards such as the COSO Internal Control Framework.
Course Objectives:
- By the end of this course, participants will be able to:
1. Understand the fundamental concepts and types of fraud within organizations.
2. Identify common fraud schemes and behavioral red flags.
3. Design and implement internal controls to prevent, detect, and respond to fraud.
4. Evaluate the effectiveness of existing controls and identify weaknesses.
5. Apply risk assessment methodologies to prioritize control efforts.
6. Foster an ethical culture and reinforce fraud deterrence strategies.
7. Collaborate with internal audit, compliance, and investigation teams to strengthen controls.
Who Should Attend:
- This course is ideal for professionals involved in managing risk, compliance, or financial integrity, including:
• Internal Auditors
• Compliance Officers
• Finance Managers
• Risk Managers
• Fraud Investigators
• Procurement Officers
• Quality Assurance Officers
• Operations and Control Officers
• Senior Management and Board Members
• Anyone responsible for governance and accountability
Course Outline:
Module 1: Foundations of Fraud Risk
Objective: Build a foundational understanding of fraud, including definitions, types, and why it occurs.
• What is fraud? Definitions and misconceptions
• The Fraud Triangle and Fraud Diamond models
• Categories of fraud:
o Asset misappropriation
o Corruption and bribery
o Financial statement fraud
o Cyber fraud and digital manipulation
• Key motivators and enablers of fraud in organizations
• Real-life examples and statistics on fraud prevalence
Module 2: Understanding Internal Controls
• Definition and objectives of internal controls
• The COSO Internal Control – Integrated Framework
• Five components of internal controls:
1. Control Environment
2. Risk Assessment
3. Control Activities
4. Information and Communication
5. Monitoring Activities
• Types of controls:
o Preventive
o Detective
o Corrective
• Importance of segregation of duties
Module 3: Fraud Risk Assessment
• Understanding fraud risk assessment methodology
• Identifying key fraud risks in organizational processes
• Developing a fraud risk register
• Tools for fraud risk identification: interviews, surveys, data analysis
• Prioritizing risks based on likelihood and impact
Activity: Workshop on developing a sample fraud risk assessment
Module 4: Control Design and Implementation
• Control design principles
• Key control activities for high-risk areas:
o Procurement and supply chain
o Payroll and HR
o Revenue and billing
o Financial reporting
• Controls for manual vs automated processes
• Documentation of controls: policies, procedures, flowcharts
• Implementing controls in a practical context
Activity: Control gap analysis and redesign exercise
Module 5: Monitoring, Testing & Evaluating Controls
• Developing a control testing plan
• Sampling techniques for control testing
• Monitoring control performance over time
• Root cause analysis for control failures
• Internal audit’s role in fraud detection
• Continuous control monitoring (CCM) using data analytics
Module 6: Detecting and Responding to Fraud
• Red flags and early warning signs of fraud
• Reporting mechanisms and whistleblower protection
• How to respond to suspected fraud: steps and protocols
• Internal investigations: roles, scope, and documentation
• Legal and disciplinary actions
• Coordination with law enforcement and regulators
Activity: Simulation on handling a fraud allegation report
Module 7: Strengthening Ethical Culture and Governance
• Tone at the top: the role of leadership
• Ethics training and awareness programs
• Code of conduct and employee declarations
• Conflict of interest policies
• Governance structures supporting internal controls
Activity: Drafting an ethics communication plan
Module 8: Technology and Anti-Fraud Controls
• Fraud detection software and tools
• Using automation and AI in internal controls
• Access controls and cybersecurity essentials
• Data analytics for anomaly detection
• Digital forensics and audit trails
End of the workshop
IN HOUSE AND ONLINE TRAINING
While both In-House and Online training can present with cost-effectiveness and time-efficacy, there are some very specific differences between in-house courses and those based online.
The demand for additional courses by individuals or groups of people is increasing. Still, it depends entirely on the preferences of a person what type of training he or she wants to receive. Online courses and in-house training carry some similarities but they are considered to exhibit some very pivotal differences too. Despite that, both types of learning can be really beneficial for attendees.
For Registration and other Training arrangements,
contact us on the detail below.
SOUTH AFRICA : +27 11 057 6001
TANZANIA Cell: +255 769 688 544
WhatsApp +27 79 574 0389
info@bmktraining.co.za / www.bmktraining.com
