Question: What concepts are covered in Part 2?
Answer: Part 2 is broken down into five subsections. Candidates must demonstrate proficiency in all areas of this section. Only subsections 4 and 5 require candidates to only demonstrate awareness.
The first subsection concerns conducting an engagement. Candidates must have knowledge of research, fraud potential, data collection, and interpretation. It also involves developing recommendations and reporting results.
The second subsection deals with conducting specific engagements. Covered in this are fraud investigation, risk and control, and various types of audit engagements. Candidates must be proficient in communication and consulting. In the third subsection, candidates must demonstrate knowledge of how to monitor engagement outcomes. This subsection is concerned with follow-up activities and planning.
The fourth subsection covers fraud knowledge elements. This is the first subsection in which candidates will be required to show proficiency in some topics, while demonstrating awareness of other topics. Discovery sampling, interrogation techniques, and forensic auditing require the candidate to only show awareness of these topics. Knowledge of the use of computers for analyzing data, red flags, and types of fraud must be at a proficiency level.
The fifth subsection tests knowledge of engagement tools. This is the second subsection in which candidates must demonstrate awareness and proficiency. Subjects such as sampling, analysis tools, and risk and control self-assessment are tested at the awareness level, while problem solving and computerized audit tools are tested at a proficiency level.