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

Mark Dauberman, CPA

Mark Dauberman

  • CPA Canada
  • CFF
  • CIA
  • CMA
  • CPA

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Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

May 25, 2021 | 11:30 AM EDT Register

Overview

  • Fraud Involving Cash
    4 mins
  • Billing schemes
    10 mins
  • Payroll schemes
    12 mins
  • Expense reimbursement schemes
    14 mins
  • Check and payment tampering
    16 mins
  • Register disbursements
    25 mins
  • Suggested Internal Control Enhancements
    88 mins

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 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

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • Entrepreneurial CPA
  • Finance Pros
  • Senior Accountant
  • VP Finance
  • Young CPA