Review the following and research the red flags
Review the following and research the red flags this type of chart “Histogram” can provide using a true scenario, as opposed to fictional information.
What is certain is that the software programs currently available for streamlining the fraud-audit process are both very affordable and not that difficult to master.
“The first step in detecting, investigating and auditing for fraud using data analysis is gaining access to the data,” as explained by Richard Cascarino of Richard Cascarino & Associates . And, says Cascarino, the key to doing so involves:
• Identifying your investigation objectives
• Arranging how to get the data needed (requires meeting with the data custodian (owner) and IT)
• Defining the required data parameters, including: determining data fields/files needed; formatting the files; recording layout of the file; timing the data transfer.
• Verifying the data received — QA
Without becoming too encumbered by detail, suffice it to say that once this critical step is accomplished, the successful use of data analytics for nailing fraudsters simply requires importing the specific data needed for your fraud audit into whichever audit software tool you’ve chosen and mastering the steps required to test for red flags of virtually any type of fraud in a matter of moments.
250-275 words, make sure you use citations to support the statements used. Avoid .com sources.
