As an accounting professional, you are in a unique position to protect your organization from fraud and human error. Learn how to establish a cost-effective system of controls to reduce your organization’s exposure while maximizing profits. Explore the common areas for misstatements, both unintentional and fraudulent, that fall within an entity’s revenue and purchase cycles and learn how to protect your clients or company against these risks.
Course ID: CFIC
Common Frauds and Internal Controls for Revenue, Purchasing, and Cash Receipts
- Distinguish some of the major revenue recognition principles used by different entities.
- Recognize common misappropriation of asset frauds in the various revenue cycles, including: accounts receivable, billing, and cash receipts.
- Identify common frauds related to different purchase cycles, including: acquisitions (ordering, receiving, and warehousing), cash disbursements, payroll, and expense reimbursement.
- Estimate areas of greatest risk.
- Identify internal controls to mitigate assorted risks.
- Distinguish differences between external audit and forensics procedures and principles.
- Common fraud risks within the numerous variations of revenue, purchasing, cash receipts, and cash disbursement processes
- Analysis of controls for effectiveness and efficiency
- Estimating the cost/benefit of correcting a control weakness
- Control implementation ideas for a range of entity sizes and different industries
- Differences between external audit and forensic practices
DESIGNED FORBusiness owners, managers, supervisors, accountants and auditors
FIELD OF STUDY