The Fraud Audit: Responding to the Risk of Fraud in Core Business Systems
Hard cover or Kindle Version
By Leonard Vona
The debate is over – auditors have a responsibility to respond to the risk of fraud
These words reflect the shift in the professional standards relating to the auditor’s redefined role in fraud detection and prevention. Leonard Vona has significant experience in fraud risk assessment which he leverages by providing a methodology that auditors can implement in their organization. The author considers fraud auditing different from traditional auditing as it combines risk assessment, data mining, and audit procedures. The book begins with a definition of fraud auditing and how it relates to professional standards. This Is followed by a sound methodology for building the fraud audit program, the role of data mining and the procedures. Leonard then proceeds with the document analysis phase and the specific fraud areas including disbursements, procurement, payroll, inventory, journal entry, and program management. The last part and perhaps the best resource talks about quantifying fraud along with specific audit programs for each of the areas discussed. I would have like to see either a companion Web site or CD that would enhance the usefulness of this guide. Fraud auditing is a continued area of audit concern and anything that can expedite putting resources in the hands of users crosses the line from good to great. All in all I would highly recommend this book as a desktop reference for auditors (internal and external), fraud examiners, investigators and others involved in fraud detection, prevention and investigation.
JK 09/2011