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21st and 22nd July 2009
21st and 22nd July 2009

Is it time to train the auditors ?

     Principal Trainer

Day One (21st July 2009)
                                                                                ERM, Fraud and Au...
Day Two ( 22nd July 2009)
                                                                     ERM, Fraud & Internal Audit...
ERM, Fraud & Internal Audit

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Stanley CHIA is speaking on ERM FRAUD AUDIT


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The subject matter is “Why has ERM not delivered?”.
After spending millions on ERM and employing tens of thousands of risk professionals,
why has ERM not delivered?
Despite the uptake of risk management by enterprises,
and the religious application of COSO, COBIT by the Internal and “external” auditors
and other risk management professionals, no-one seems to have seen the fraud in
credit crunch coming or been ready for it.
In fact, until recently some Central Bank Officials in Asia publicly applaud
the development of CDOs and other Credit Derivatives.
So, why has ERM not delivered?
In fact, is ERM adding any value?
Events that transpired suggests that unless and until ERM is undertaken with
a truly future focus on FRAUD RISK ASSESSMENT and
becomes part of the strategic planning process, organizations
will fail to recognize their key risks and so gain little more than traditional
operational risk methodologies can deliver.
Learn how Fraud Risk Assessment by the Professionals
and risk methodologies can be combined to
identify the risks that really matter and add value to the
strategic planning process and aid business decision.

Mr. Stanley Chia, our Honorary Vice Chairperson, will share his insight on
Fraud Risk Assessment
In Bangkok on the 21st and 22nd of July 2009

Published in: Business
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Stanley CHIA is speaking on ERM FRAUD AUDIT

  1. 1. ERM, FRAUD AND AUDIT 21st and 22nd July 2009 A CSI CPE Is it time to train the auditors ? recognized program Audit Strategies for Corporate fraud costs businesses hundreds of millions of dollars each year. It affects livelihoods and is a common cause of Detecting Corporate corporate failure. It is the responsibility of the board of directors to Fraud prevent fraud by putting in places the appropriate controls and ● Using personal profiling to detect review procedures. This program shows you why Accounting computer fraud Information System (AIS) Threats are ever increasing. Control risks have also increased in the last few years because y Where fraud can occur Wh f d there are computers and servers everywhere, and information is ● Identifying threats, types of available to an unprecedented number of workers. fraud. Distributed computer networks make data available to many users, and these networks are harder to control than centralized mainframe systems. With the introduction of 3 levels of COSO and Skill sets for detecting AIS value driven ERM, things should be under control. Recent events at threats (Financial SATYAM proves that in reality things are getting out of control. So, Statement Fraud) what went wrong ? Is it time to train the auditors ? Fundamentals of Data Theft ● Surveillance The many GOOD reasons to attend this workshop ● SATYAM High Profile Fraud ● National Kidney Foundation ● How can it happen? ● Enron ● WorldCom Digital Evidence to deter ● Lehman Brothers Fraud ● Adelphi ● An introduction to the Digital ● Transmile Forensic Concepts ● Sanlu (Tainted Milk Company) Tommy is someone that you would like to meet and to know. Straight talking, sincere, kind, h l f l d ith t t ki d helpful and without pretences, he is truly a man of strong conviction and blessed hitl ft i ti d bl d with many practical talents. First and foremost, he is a World Class hands-on accountant He has worked as an Accountant for some of the largest companies in the world. He is a tried and tested accountant with a very firm grip on financial products. Because of his grip on the subject matter, his services in providing technical training is much sought after by numerous banks in the region, including Germany, Singapore, Malaysia, China, Indonesia, Philippines and Taiwan. Tommy's other professional achievements would have been the objects of envy for many of his peers. Some of the better known fact is that he is the only Singaporean that sits on the ACFE Board of Regents in Texas USA Texas, USA. In the year 2006, his strategic management skills were put to the test and his contribution was duly acknowledged when he was elected the ACFE Board of Regents, Vice-Chairman. Based in Austin, Texas, ACFE is the best recognised and largest Fraud Examination Body in the world. While in Singapore, he also help founded the CSI World Headquarters, a Digital Forensics Certification body. To this day, he is the Chairperson Tommy Seah, Certified Fraud Examiner Emeritus for the CSI World Headquarters. His previous work experience includes World Class Financial Management systems based auditing in an American International Bank, where he was the Senior Expert Regional Auditor responsible for the Bank s audit in the Asia Pacific region. He has also Bank's region Double Firsts in Financial Management held the top executive position of Chief of Internal Audit in a prime offshore bank where and Accountancy (U.K.) Chartered Banker, International his audit duties cover the Singapore and Hong Kong operations of the bank. He covers Accountant, FCPA (USA), CSOXP all areas of the bank's audit of operations and IT systems. He also has hands-on Member of Advisory Board to SOX practical consulting work experience in many different global AAA financial institutions. Institute (N.Y.) Copyright © 2008 CFE-In-Practice
  2. 2. ERM, FRAUD AND AUDIT 21st and 22nd July 2009 Is it time to train the auditors ? Principal Trainer Stanley Chia Certified Fraud Examiner (CFE) with the Association of Certified Fraud Examiners (ACFE) – www acfe com Certified Member (CAMS) with Association of Certified Anti-Money Laundering Specialists (ACAMS) – Certified System Investigator (CSI) with the CSI World Headquarters – Member of Australasian Compliance Institute (ACI) – Member of GRC Group New York – Stanley is both the Director & Principal Consultant of CFE Strategic Alliances, the training arm of CFE-In- Practice group of companies and also the Managing Director of CFE International Consulting Group Pte Ltd, a think-tank company that provides multi-consultancy solutions to companies world-wide. He specializes in fraud investigation, investigative interviewing & profiling techniques and has handled numerous cases for both local and foreign financial institutions. Stanley is also the current Honorary Vice Chairperson of CSI World Headquarters, an international accreditation body for Digital Forensic. Stanley has worked for large financial institutions like AIA Insurance, Singapore Exchange and United Overseas Bank where he was involved in anti-money , gp g y laundering, compliance, enforcement and fraud investigation work. To date, he has investigated more than 100 fraud and compliance-related cases and some of them involved over US$1M. He is well versed in financial products knowledge, fraud examination techniques and compliance methodologies. Stanley is often invited to speak at conferences and seminars in Singapore, Malaysia, Hong Kong and Shanghai where he taught fraud investigation, investigative interviewing techniques profiling techniques and internal control. He has also co-authored a series of pocket-sized guide books for dit f auditors published b CSI World H d bli h d by W ld Headquarters. H i currently writing a b k on I t i i & t He is tl iti book Interviewing profiling techniques – ISBN 978-981-08-0599-9. He also holds a Master of Commerce, specializing in Business Law from The University of New South Wales. He obtained his Bachelor of Economics, majoring in Money & Banking and Accounting in 2001 from The University of Western Australia. Copyright © 2008 CFE-In-Practice
  3. 3. Day One (21st July 2009) ERM, Fraud and Audit Prevention Is Better Than Cure Day One AS TODAY'S COMPANIES PLAN THEIR RISK management strategies, the massive 09:00 Understanding Fraud Detection bankruptcies and colossal shareholder losses of • Principles of fraud the last two years are undoubtedly on the minds • Costs to the organization of corporate stakeholders. Numerous risk- • Ethical considerations related issues have surfaced as a result of the • Audit’s fraud responsibilities • Skills successful fraud auditors need scandals at companies such as Enron and WorldCom, leaving many shareholders, 10:00 Audit Strategies for Detecting Fraud executives, ti and d boards b d wondering di what ht • How to incorporate fraud detection into exposures their own organizations may face. your audit program? The current risk environment can best be • Specific audit steps designed to detect characterized by the oft-repeated dictum, quot;There fraud • Using ERM to identify fraud indicators are knowns, known unknowns, and unknown unknowns.quot; Morning Coffee Break Within this climate of ever-increasing corporate ever increasing 10.30 10 30 Where Fraud Can Occur in Your uncertainty, enterprise risk management (ERM) 11:00 Organization has emerged as a new paradigm for managing • Traits of those who commit fraud risk. Instead of relying on a traditional, intra- • Types of frauds: embezzlement, bribery, departmental strategy, where each area of the corruption, and fraudulent disbursements organization manages its own risks, ERM adopts Conducting Interviews within the a broader perspective that integrates and 12:00 Fraud Audit coordinates risk management across the entire • Using Kinetics to spot deception: organization. This enterprise wide approach is interpreting body language ultimately intended to enhance and protect • Interviewing dos and don’ts stakeholder value. ERM, however, does more •Who should conduct the interview? than just integrate risk management. According Networking Lunch to Enterprise Risk Management Framework, a 12:45 12 45 new study being developed by The Committee of Recap on morning session Sponsoring Organizations of the Treadway 14:00 Conducting the Internal Investigation Commission, ERM is a process also designed to 14:15 • Gathering the right evidence for your case quot;identify potential events that may affect the • Avoiding some of the legal pitfalls entity, and manage risk to be within its risk Afternoon Coffee Break appetite, to provide reasonable assurance 15:00 regarding th achievement of entity objectives.quot; di the hi tf tit bj ti quot; Writing the Fraud Audit Report so It Paralleling the rise of ERM, internal auditing has 15:30 Gets Read also experienced a paradigm shift in recent • Report content • Ensuring the audit process leads to the years. Guided largely by The IIA's revised audit report definition of the profession, internal auditing • Areas to consider when writing the fraud has moved from a control-based approach to finding g one that focuses on risk management corporate management, governance, and adding value. quot;Please note that the General Discussion & Question Session teaching methodology is participative lectures and as 16:00 Day One Close such inter-active in nature that will involves participation 17:00 from attendees. So, notwithstanding the proposed outline, the program may not necessarily be conducted in exactly the same sequence or duration for each topicquot;.
  4. 4. Day Two ( 22nd July 2009) ERM, Fraud & Internal Audit Diagnosis of your organization's ERM Day Two The U.S. Chamber of Commerce reports that $50 billion 09:00 Recap on Day 1 do s e os dollars are lost annually due to e p oyee theft and fraud. uy o employee e d ud. 09:30 Using ERM to determine Fraud-Related Also reported by The U.S. Chamber of Commerce - that Internal Controls 20% of all businesses fail due to internal theft and fraud. • Building controls around the fraud scheme • Fraud prevention controls in the According to an Ernst & Young Report, quot;White Collar expenditure cycle Crime: Loss Prevention Through Internal Controlquot; a rule of thumb says that a company loses 1% to 2% of its sales • Selling the controls to management to crime -- most committed by or in collusion with y • Fraud prevention theory employees. 10:30 Morning Coffee Break 11:00 According to K.C. Bettencourt undercover investigator ERM’s role in Financial Statement Fraud and author of quot;Theft & Drugs in the Workplacequot;, One in three employees steal and it's rising 5% a year. • Typical fraud schemes Additionally, his studies showed that 20-25% of the work • Balance and Income Statements force will cheat when the stakes are high and supervision • Using analytical review/ratio analysis to is low. Furthermore, about 10% will cheat no matter what. identify f d i di id if fraud indicators The Wall Street Journal reported that up to 75% of all 11:55 What really is ERM employees steal at least once - half of these, at lease twice. In employee surveys conducted by academics and other The CAE'S Role as ERM Champion specialists, as many as 43% of workers interviewed admitted stealing from their employers. Networking Lunch 12:30 FBI reports that employee theft is the fasting growing Recap of Day 2 morning crime in the U.S. 14:00 High Profile Frauds • What went wrong? WHY YOU SHOULD ATTEND? The course is a unique opportunity for those • Why auditors failed to detect the fraud? learn improved methods associated with fraud detection. It also showcases an interactive How Internal Audit can leverage on ERM 14:10 approach towards the needs and issues resources pertaining to Fraud Management This workshop Management. Ownership of th ERM process O hi f the also enables you to enhance your capability in 15:15 Afternoon Tea Break addressing specific issues in a demanding higher 15:30 transparency and degree of corporate Internal Audit partners ERM in providing governance. solution in Strengthening Corporate Governance WHO SHOULD ATTEND? ERM - Is it worth the effort ● Fraud Investigators/Anti-Fraud Managers ● Legal & Compliance Managers Core internal auditing roles in regard to ● Risk Management & Audit Managers ERM. ● Internal Auditors ● Financial Controllers Legitimate internal auditing roles with ● Company Secretaries safeguards. ● CIO’s, CEO’s, COO’s Day Close D 2 Cl ● E-Banking, MIS Managers ● Procurement Managers 17:00 ● IT Auditors
  5. 5. ERM, Fraud & Internal Audit REGISTRATION FORM & SALES CONTRACT Important Notice Registration & Payment Payments are required with registration and must be received 2 Easy Ways to Register p o o e og prior to the Program to gu o guarantee you p ce. Walk-in ee your place. W delegates will only be admitted on the basis of space availability at the Program and with immediate full payment. You can return the Registration Form either via e-mail or by fax. Cancellations & Transfers Email to: If you are unable to attend, a substitute delegate is welcome at Fax: (65) 6288 0181 no extra charge. Please provide the name and the title of the g p substitute delegate at least 2 days prior to the program. A For enquires, please contact: refund less 10% administrative charge will be made cancellation received in writing 10 working days before the program date. A complete set of program documentation and Tel: (65) 9106 9872 a 50% refund will be given for cancellation made 3 working days before program date. Regrettably, no refund can be In order to secure a place for the program, delegates are made for cancellation made on and or after program. A kindly requested to register at least 4 weeks prior to complete set of documentation will however be sent to you. program commencement. The organizer reserves the right to make any amendments Registration is only effected upon receipt of good funds and/or changes to the programme, venue, speaker via T/T. Regretfully, telephone bookings cannot and will replacements and/or topics if warranted by circumstances not be entertained or accepted. beyond its control. Course Fees REGISTRATION FORM Closing Date: 20 June 2009 Closing Date: 20 June 2009 You can return the registration form either via e-mail or by fax. Mail to: Course Fees: US$1669/- early bird before 20th May Tel. (65) 91069872 Discounts are available for group bookings. Fax: (65) 62880181 Fees: US$2,269.00 per participant, Registration after 20th May, pays US$2269/- per pax 2nd participant* pays 75%, subsequent participant* pays 50% only. l Please call CFE-In-Practice Hotline for further details *Must be from the same bank attending the same program. Telephone : 65 6222 9861 or 65 6222 9860 Name: (Please note that accommodation and air-fare is not Dr/Mr/Mrs/Ms included in the course fees.) All T/T payment must be remitted: Designation in the bank: DBS Bank, Shenton Way, Singapore Contact Phone No.: Current A/c No. 022-900202-8 Fax No.: Account Name: CFE-IN-PRACTICE Bank’s Email: VENUE : It will be in Bangkok, Thailand Bank s Bank's Name: All of our courses are held in 4 – 5 star hotels, chosen for their location, facilities and level of service. You can Bank Address: be assured of a comfortable, convenient learning environment throughout the duration of the course. Due to the variation in delegate numbers, we will send confirmation of the venue to you approximately 2 Signature of Participant: weeks before the start of the course.