Employee Fraud: The Misappropriation of Assets

Learning Objectives

• To analyze how to identify Employee Fraud Schemes.
• To explain how to build the fraud audit program.
• To identify Red Flags for Employee Fraud.
• To explain Asset misappropriation fraud.
• To analyze how to detect and prevent Asset misappropriation fraud.

Course Description

Organizations of all kinds and sizes are increasingly threatened by fraud. For example, 5% of all gross revenue is lost to fraud each year, according to the Association of Certified Fraud Examiners. Embezzlement, kickbacks, check fraud, financial statement fraud, and vendor billing schemes are just a few of the countless crimes committed by employees against organizations of all kinds and sizes.

Asset misappropriation fraud happens when people who are entrusted to manage the assets of an organization steal from it. It involves third parties or employees in an organization who abuse their position to steal from it through fraudulent activity. It can also be known as insider fraud. This type of fraud can be committed by company directors, employees, or anyone else entrusted to hold and manage the assets and interests of an organization.

In this CPE/CPD webinar, speaker Dr. Robert Minniti will explore many of the ways employees can commit fraud, especially the types of fraud that use documents to skirt internal controls. He will consider embezzlement schemes, and theft schemes (Cash, inventory, data, and fixed assets), and will examine how employees conceal these frauds. He will review the red flags for employee fraud. Real-world examples will be provided for the participants to see how this is occurring in the business world.

This online CPE Audit course is designed for individuals who would like to refresh their understanding of employee fraud schemes and learn how to recognize the red flags for detecting employee fraud. Understanding how employees commit fraud is the first step in preventing fraud.

Key topics covered in The Online CPE Auditing course are:

• Definition of fraud
• Fraud Research
• Elements of Fraud
• Examples of employee fraud
• Behavioral Red Flags for Fraud
• COSO Framework for Internal Control
• Post Fraud Reactions
• Consequences of Committing Fraud

Overview

• Fraud research

  4 mins
• Fraud losses

  16 mins
• Employee fraud in the news

  31 mins
• Behavioral red flags for fraud

  47 mins
• Reporting fraud

  63 mins
• Types of internal controls

  74 mins