Conducting Effective Lifestyle Audits

The programme

Programme overview

In today’s heightened times of public scrutiny and calls for ethical leaders, it’s not surprising that many concerned citizens have become far more demanding for good governance and transparency. Lifestyle audits within both the public and private sectors are becoming standard practice in an attempt to strengthen oversight of ethics, integrity, and discipline. The audits test whether the lifestyle of an employee is in line with that person’s known income stream. They are used to hold accountable those who unduly benefit from the employer’s resources and procurement opportunities.

This 5-day Conducting Effective Lifestyle Audits Training gives a comprehensive overview of the possible fraudulent schemes committed by employees and equips auditors, line managers, and forensic accountants with the knowledge and skills required to conduct a lifestyle audit. Delegates will be taken through scenarios and practical exercises to develop their skills in identifying fraud, learn how to detect weaknesses, and use AI-assisted analytical tools alongside established forensic auditing techniques. Delegates will have the chance to perform a lifestyle audit as part of a case study during the workshop.

Who should attend

Who is this programme for?

• Internal Auditors
• Risk Managers
• Forensic Accountants
• External Auditors
• Accountants
• Financial Officers
• Commercial Crimes Investigators
• Compliance Officers
• Legal Advisors & Attorneys
• Internal Affairs Officers

Learning outcomes

What you will learn

• Explain the auditing standards, laws, and control techniques relevant to a Lifestyle Audit
• Prepare a business case for fraud audit to senior management
• Reduce the risk of unethical practices in your organisation
• Gain the expertise to conduct Lifestyle Audits and ensure recovery
• Apply accounting skills, including AI-assisted analysis, to gather forensic evidence
• Find the elusive misconduct that others miss

Explore the programme

Detailed programme outline

3-Day Essentials — Training Outline

• Defining fraud and corruption
• Overview of employee fraud in Africa
• When does an audit become a forensic audit?
• Defining a Lifestyle Audit
• Applicable legislation and auditing standards
• Lifestyle audits as a barometer of fraud and corruption
• Money laundering laws and common schemes
• Anti-money laundering and countering financing of terrorism
• Using AI-assisted tools to flag unusual transaction patterns
• Unique features of digital forensic investigation
• Data and file recovery, and email forensics
• Using AI-assisted tools to accelerate digital evidence review
• Selecting audit targets
• Audit approach and techniques
• Responsibility to report to prosecution authorities
• What to report, and professional reporting standards
• Testifying as an expert witness
• Deciding whether the 5-Day Comprehensive programme is the right next step

5-Day Comprehensive — Training Outline

• Definition of fraud and corruption
• Definitions: forensics, auditing, investigation, digital forensics
• Responsibility for fraud control
• Definition of a Lifestyle Audit
• Applicable legislation governing the conduct of a Lifestyle Audit
• Applicable auditing standards for Lifestyle Audit
• Types of Lifestyle Audits
• The future of Lifestyle Audits
• Money laundering laws and regulations
• Common money laundering schemes
• The role of cash vs. other payment methods
• Processes for monitoring and reporting money laundering transactions
• Myths surrounding information systems exploited by fraudsters
• Data and file recovery and analysis
• Email forensics: email as evidence
• Authentication of digitally signed documents and transactions
• Major risks in IT systems and privacy concerns
• Using AI-assisted analytics to accelerate digital evidence review
• Data mining and warehousing: uses and limitations
• Tax evasion schemes
• Selection of audit targets
• The Cash T method
• Source and Application of Funds method (Expenditure Approach)
• The Net Worth method
• Planning a Lifestyle Audit
• Reporting the results
• What should you report, and what need not be reported?
• Professional standards governing reporting
• Oral and written reports: a guide to making them acceptable
• Good presentation techniques
• Testifying as an expert witness: what you should and should not say

Learning approach

How you will learn

Our diverse instructional approaches ensure effective learning:

– Lectures & Presentations: Engage with expert-driven, stimulating content.– Course Material: Access well-crafted supporting resources.– Group Work: Collaborate on discussions and case studies for practical insights.– Workshops & Role-Play: Participate in immersive, scenario-based activities.– Practical Application: Focus on applying theoretical knowledge in real situations.– Post-Training Support: Receive extensive support after training for skill implementation.

Discuss your requirements

Dates, duration & arrangements

Contact Ratomac to confirm dates, duration, delivery format, entry requirements and any applicable assessment or certification before booking.