Fraud Risk Assessment
Building a Fraud Audit Program
By Leonard W Vona
Fraud and auditing are the subject of many professional publications and the topics have been covered from every conceivable angle. This author has considerable experience on the subject and his approach is worth a look by every Chief Audit Executive. Many of the fraud audit related books approach the subject from the perspective of detection, prevention or investigation. Mr. Vona provides auditors with the framework for creating a risk based fraud audit program. There is a difference between traditional auditing and fraud auditing which is clearly explained in the first chapter of the book covering theory. The book proceeds with coverage of the red flags of fraud, enterprise and business fraud risk assessment before moving on to penetration risk and fraud scenarios. The next section on fraud data mining highlights the need to incorporate technology into the analysis. The remaining chapters are devoted to the specific areas of fraud such as expenditures, travel and entertainment, contract, payroll and other areas. The book concludes with strategies and organizational policies regarding fraud. Mr. Vona has developed a book that serves as the foundation for your organization’s comprehensive approach to addressing fraud risks. This book sets the standard an is a must for your department’s professional internal audit library.