Description

Transactions that occur within an entity's revenue cycle (revenues and cash receipts) and the purchase cycle (purchases and cash disbursements) are common areas for misstatements (both unintentional and fraudulent). While business owners and managers instinctively know that controls are important, they sometimes have a very limited understanding of what controls are effective. Accountants are in a unique position to fill this knowledge gap and help establish a cost-effective system of controls to minimize fraud and other misstatements while getting the “biggest bang for your buck.”

Highlights

• Common fraud risks within the revenue, purchasing, cash receipts and cash
disbursements processes
• Analysis of controls for effectiveness and efficiency
• Estimating the cost/benefit of correcting a control weakness
• Control implementation ideas

Objectives

Upon completion of this course, participants will be able to:
• Focus on common misappropriation of asset frauds in the revenue,
purchasing, cash receipts and cash disbursements processes
• Identify areas of greatest risk
• Set up internal controls to mitigate various risks
• Develop an analysis process to ensure efficient and effective risk
management