Revenue and cash receipts are two critical areas that require strong controls to prevent intentional fraud or unintentional misstatements. While there is well-publicized fraud in these areas in larger companies, it also occurs, and can even be more likely to occur, in smaller businesses and not-for-profit entities. A sound system of internal control is needed to help prevent fraudulent activities and reporting related to the revenue and cash receipts cycle.
According to the 2020 Report to the Nations, published by the ACFE, three of the five asset misappropriation schemes presenting the greatest risk involve the misappropriation of cash. They are:
Check and payment tampering
Cash larceny
Payroll
A deficiency in internal control that prevents an entity from protecting its cash is putting that entity’s existence into jeopardy. It is management’s responsibility to develop, implement, and maintain controls to protect the entity’s assets from misappropriation as well as to otherwise achieve management objectives. In addition, regardless of the actual relationship or the service performed by a CPA for a client, in many cases a client will hold the CPA responsible for the detection of fraud and many even hold the CPA liable for fraud subsequently detected by others.
This course describes the most common types of fraud schemes used to misappropriate cash, including
How Frauds are committed
The conditions under which frauds will be successful
The impact on various financial statement components
Identifying the signs that may be indicators of fraud, and the controls that may be effective for prevention.
Learning Objectives
To recognize different fraud schemes involving cash and the risk of each occurring
To identify the process by which cash fraud is committed and the conditions that must exist for it to be successful
To perform an objective and effective risk assessment to identify control deficiencies
To identify controls effective for preventing cash fraud
To understand techniques for detecting cash fraud that did occur
MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Mark
provides CPE and technical staff training for CPA firms, private industry, state
CPA societies, and government organizations.
His topics include accounting, SSARS, ethics, fraud, internal and
external auditing, internal control development (COSO), entrepreneurship, and
developing a business plan. Mark is in
the process of initiating a new entity, The Internal Control Institute, which
will be offering CPE and staff training related to internal controls, and in
conjunction with professors from Claremont Graduate University, will be
providing internal control consulting.
Mark
is also an expert witness in the defense of CPAs in cases involving primarily ethics,
fraud, and compliance with standards in the performance of professional
services.
Mark
also provides consulting services to CPA firms with an A & A practice that
do not have an expert on GAAP or requirements of Professional Standards within
the firm. He addresses such matters as
conformity with GAAP, adequacy of disclosures, compliance with professional
standards, risk assessment, development and performance of audit and review
processes, engagement documentation, compilation and preparation engagements,
ethics and independence requirements, assessing and enhancing internal controls
for the firm and clients, preparation for peer review, and staff training and
CPE. He also provides consulting
services related to client management and marketing.
Mark’s
public accounting experience includes working with Kenneth Leventhal &
Company and more recently, he was a partner at NSBN, a Beverly Hills CPA and
business consulting firm. Mark’s industry experience includes serving as
assistant controller of a large trucking and warehousing firm along with
controller and Vice President of Finance and Administration for major real
estate development companies. Mark also
spent nearly 30 years as an entrepreneur, operating a company that prepared
individuals for the CPA exam nationwide.
Mark
has been involved in accounting education at CSU Northridge, CSU San
Bernardino, Loyola Marymount University and UCLA. He obtained his bachelor’s degree in
accounting from CSU Northridge. He obtained his Executive MBA at the Peter
Drucker and Masatoshi Ito School of Management at Claremont Graduate
University, where he previously had been a student of Dr. Drucker’s. He also obtained an Internal Control
Certificate from COSO. Until recently, he
authored “Knowledge Based Preparation, Compilation, and Review Engagements” for
CCH and updated their checklists for SSARS engagements. He also served as Senior Editor for Roger CPA
Review.
Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management. He is also the Senior Editor for Roger CPA Review Course and authors CCH’s “Knowledge-Based Compilations and Reviews”.
Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.
Mark taught his first university accounting class in 1969 and has been involved in accounting education since, most recently a visiting lecturer at California State University at San Bernardino.
Mark obtained his bachelor’s degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.
FAQ
To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.
Refund/Cancellation Policy
For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
In case any of the course or live webinars gets cancelled we would be refunding you the entire amount (if paid).
Testimonial
4.7
(22)
77%
18%
5%
0%
0%
MC
MICHAEL CHOI ,
Dec 11th 2020
The course provided a good insight into various frauds in the accounting field.
