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Knowledge, Skills, and Abilities. The most important knowledge the fraud analyst or specialist needs to have is an understanding of regulatory requirements related to fraud detection/investigation, including Suspicious Activity Reports, USA PATRIOT Act, and FACTA (Fair and Accurate Credit Transactions Act).
The panel recommended that auditors should be required to possess a far deeper understanding of the client's business, risks and controls, in addition to designing and performing substantive tests to detect fraud.