D551 Fraud and Forensic Accounting shows how fraud occurs and how accountants detect, investigate and prevent it. It appears in WGU's Master of Science in Accounting, Auditing Specialization.
WGU describes an in-depth understanding of how fraud and forensic investigations form part of the accounting profession, covering types of fraud, their impact, detection, investigation and prevention, and the role of forensic accountants in the legal system.
The course includes scenarios and hands-on exercises. The challenge is to apply the concepts to a specific case and justify each step.
Course at a Glance
| Item | Details |
|---|---|
| University | Western Governors University (WGU) |
| Course code | D551 |
| Program | M.S. Accounting, Auditing Specialization (the title also appears in the standard M.S. Accounting guide) |
| Level | Graduate |
| Competency units | 3, term 1 of the auditing guide (version 202409) |
| Subject area | Forensic accounting |
| Format | Competency-based and self-paced |
What D551 Covers
| Competency (summarized) | In practice |
|---|---|
| Analyze types of occupational fraud and abuse, schemes, prevention and detection | Asset theft, corruption and false financial statements |
| Explain the legal environment of fraud and law-related fraud | How fraud is defined and pursued legally |
| Analyze fraud investigation, interviewing and reporting techniques | Evidence gathering, interviews and written findings |
| Analyze methods for fraud prevention and deterrence | Controls, culture and monitoring |
Key Concepts Explained
The Fraud Triangle
Fraud commonly involves pressure, opportunity and rationalization. Prevention aims to remove opportunity through controls and to reduce pressure and rationalization through culture.
Example: A bookkeeper under personal financial pressure finds that she alone approves and records vendor payments. That gives her opportunity. She tells herself she will repay the money. Splitting the approval and recording duties, and reviewing vendor changes independently, removes the opportunity.
Investigation Steps
A typical investigation preserves evidence, analyses records, interviews relevant people and reports findings objectively. Document each step so the work can be reviewed.
Prevention and Deterrence
Strong controls, clear policies, a reporting channel and visible consequences all help deter fraud. Explain which control addresses which scheme.
Typical Assignments and How to Approach Them
Your task instructions state the format. Work in this course typically involves:
| Work type | What it tests | How to approach it |
|---|---|---|
| Fraud scheme analysis | Recognizing schemes | Match red flags to scheme and control gap |
| Investigation plan or report | Process and objectivity | Set out steps, evidence and findings clearly |
| Prevention advice | Control design | Link each fix to a weakness |
A Second Worked Example
Spotting Red Flags in a Case
Consider a small company where one employee handles purchasing, receiving and payment approval and has never taken leave.
Example: These facts are red flags for a fake vendor scheme. Segregation of duties is absent, and the lack of leave means no one else sees the process. An investigator compares vendor lists with employee addresses, checks for invoices just under approval limits and reviews supporting documents. Recommendations include separating duties, rotating tasks and requiring independent vendor approval.
Self-Check Before You Submit
- Are red flags tied to a specific scheme and control gap?
- Is your tone objective, with findings rather than accusations?
- Does each prevention step name a control and its owner?
The case is illustrative and not a real company.
Where Students Get Stuck
- Listing schemes without applying them. Tie each to case facts.
- Presuming guilt. Reports should state findings objectively.
- Generic prevention advice. Specify the control and who operates it.
- Ignoring the legal angle. Show you understand how evidence is used.
Study Tips for D551
- Build a table of schemes, red flags and controls.
- Practice writing an objective findings summary.
- Review basic internal control concepts such as segregation of duties.
- Check the rubric against your draft.
How We Help with D551
Send the task instructions, rubric and case. An accounting tutor can explain fraud concepts, prepare a custom analysis of a comparable case, or review your draft.
GradeEssays is independent of Western Governors University. Our work is a study and reference aid. You must complete and submit your own assessment under WGU's academic integrity rules. We do not take assessments or access course portals. Orders include free revisions within the scope of your original request and a full refund if late.
Make Your D551 Case Analysis Clearer
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Frequently Asked Questions
WGU's Master of Science in Accounting, Auditing Specialization lists Fraud and Forensic Accounting in term 1, and the title appears in WGU's standard M.S. Accounting guide too.
3 in the auditing specialization guide (version 202409).
The idea that fraud typically involves pressure, opportunity and rationalization.
Investigation, interviewing and reporting techniques, plus the role of forensic accountants in the legal system.
WGU says the course includes scenarios and hands-on exercises.
No. We provide tutoring, custom answers and feedback, and you submit your own work.