Practical Guide To Fraud including Cash, Inventory & General Frauds (Latest)

Learning Objectives

• To recall the components of the COSO model of internal control and how they interact to prevent and detect fraud.
• To recognize various ways for identifying vulnerabilities to fraud and finding the types of fraud preventive techniques that may be effective.
• To recognize how the fraud triangle is applicable to the different fraudsters
• To identify methods of creating an anti-fraud culture
• To recognize different fraud schemes involving cash and the risk of each occurring

Course Description

Fraud is an insidious crime. For decades, the Association of Certified Fraud Examiners has been estimating the amount that entities lose to fraud on an annual basis. Despite endless studies on why and how it occurs, the creation of systems or controls to prevent it, and the development of internal reports to detect it, fraud continues to be a problem. In this full-day CPE Course, Mark Dauberman explains a defined methodology with a step-by-step approach to fraud risk identification for asset misappropriation schemes and indicators of fraud and the controls that may be effective for prevention.

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 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. A sound system of internal control is needed to help prevent fraudulent activities and reporting related to the revenue and cash receipts cycle. This online CPE course covers how relevant professionals can help in creating a system with strong internal controls.

Inventory is an important asset. It is one of the biggest assets in the case of manufacturers. But inventory is one of the hardest assets to measure and track if you do not have an established system running smoothly. From the internal control perspective, employees’ direct daily access to inventory or inventory accounting records and providing an ongoing temptation to steal or cook the books makes it really difficult to prevent and detect misbehavior. In this webinar, the speaker discusses how the inventory can be at risk, and why internal controls are crucial for the same. He will also explore the subject of the internal control for the inventory.

This online CPE webinar on Auditing covers the following Key Topics: 

• The fraud triangle – the characteristics of fraud: Who commits fraud? How is it done? Why do they do it?
• Profiles of typical fraud perpetrators, and fitting the fraud triangle to the profiles
• What can we do to prevent or detect it? Characteristics of preventive controls and how to develop them
• The conditions under which fraud 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.
• Cash fraud and inventory fraud: How it is committed? How to detect it? Which controls can help prevent it?

This CPE course also discusses information that can help build expectations to derive or develop analytical procedures and management reports to be useful for the detection and prevention of fraud. 

If you are interested in fraud prevention and detection, the Certified Fraud Analyst Course may interest you.

Overview

• WHO? Fraud is committed by Desperate individuals

  13 mins
• HOW? Common Schemes Used to Commit Fraud

  29 mins
• WHY? Conditions Leading to the Commission of Fraud

  43 mins
• Behavioral Warning Signs

  86 mins
• Control Activities

  104 mins
• Relationship of Characteristics to Prevention

  132 mins
• Characteristics of an Opportunnist

  158 mins
• Identify & Evaluate Weaknesses

  180 mins
• Most common type of fraud affecting small business

  213 mins
• Detection Opportunities

  255 mins
• Understanding Shoplifting

  308 mins
• Inventory Overstatement - Laribee Wire Manufacturing Corp

  355 mins