NOTE: No updates or changes were made to the 2021 version of this course. If you completed the course in 2019, please be advised the 2021 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca


This course has shifted online into two, half-day sessions.

  • Tuesday, October 26, 2021, 8:30am - 12:30pm
  • Wednesday, October 27, 2021, 8:30am - 12:30pm
  • Formerly Titled: “Fraud Risk Management Principles and Practices – An Integrated Approach”

    Effective fraud risk management requires an integrated approach. Too often, businesses implement some helpful practices, but overlook other principles that ensure the full spectrum of their unique risks is addressed. This holistic approach brings together key principles and practices using the 2016 updated COSO fraud risk management framework.

    Case discussions, sample codes of conduct, fraud policies, fraud risk checklists, numerous examples and other practical materials will to help participants build a corporate culture and framework that prevents and detects fraudulent activity.


    This seminar provides “real life” examples of fraud and examples based on instructor and participant experiences. It explains why we need to manage fraud. It then provides an integrated approach, describing the five key COSO principles of fraud risk management outlined below.


    • Why do we need to manage fraud risks
    • COSO framework for Fraud Risk Management
    • Principle 1: Governance - creating an ethical environment: discussion about codes of conduct, fraud policies, hotlines, ethics training, employee declarations, and other practices
    • Principle 2: Comprehensive fraud risk assessment: fraud indicators and red flags, and a series of fraud risk assessment cases
    • Principle 3: Preventive and detective fraud control activities: a high-level overview of potential controls
    • Principle 4: Fraud investigation protocol: high-level overview of how to properly react to fraud, investigation considerations, taking corrective action and fidelity insurance matters
    • Principle 5: Fraud risk management monitoring: ongoing evaluation and timely communication, with an introduction to data analytics


    CPAs in industry who require knowledge of potential fraud indicators in their transaction streams, and how to develop an integrated approach for effective fraud risk management, and public practitioners who want to better identify indicators of potential fraud which can assist in the conduct of an effective audit.