Money Talks – Don’t Let it Walk – Prevent & Detect Cash Fraud

Course Description

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 in jeopardy.  It is the 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 online CPE Auditing webinar 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 evaluate techniques for detecting cash fraud that did occur

Recommended For

• The CPE webinar is recommended for CPAs, CMAs, CEOs, CFOs, Business owners, and Other Professionals engaged in the implementation and review of internal controls to prevent and detect fraud in the organization.
• This CPE course is recommended for CFEs, CFFs, Fraud Examiners, Fraud Analysts, and Other Professionals helping clients with the prevention and detection of fraud.

Who Should Attend?

Webinar Qualifies For

• 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
• 2 CPE Credit for Internal Audit Practitioner (IAP)
• 2 CPD Credit of Auditing for Chartered Professional Accountant (CPA Canada)
• 2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
• 2 CPE Credit of Fraud risks for Certified Internal Auditors (CIA)
• 2 CPE Credit of Fraud Risk Assessment for Certified Fraud Examiner (CFE)
• 2 CPD Credit of Fraud prevention, detection and response for Certified Financial Forensics (CFF)
• 2 CPE Credit for Certification in Risk Management Assurance (CRMA)
• 2 CPE Credit for Certified Government Financial Manager (CGFM)
• 2 CPE Credit of Fraud for Certified Valuation Analyst (CVA)
• 2 CPE Credit for Master Analyst In Financial Forensics (MAFF)
• 2 CRE Credit for Certified Treasury Professional (CTP)
• 2 CPE Credit of Fraud for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
• 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
• 2 CE Credit for Certified Wealth Strategist (CWS)
• 2 General Credit for Accountant/Bookeeper
• 2 CPD Credit for CA - ICAEW
• 2 CPD Credit for Chartered Certified Accountants (ACCA)
• 2 CPD Credit for Chartered Accountants - Ireland (CAI)
• 2 CPD Credit for Chartered Accountants - Scotland
• 2 CPD Credit for CPA - Ireland

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