Purchasing and cash disbursements are common targets for fraud in any entity’s environment. While business owners and managers are aware that internal controls seem to be very important, they often don’t know whether the entity’s system is adequate. While accountants instinctively know that internal controls are important and necessary, it is sometimes difficult to effectively communicate this with business owners. It is important to focus on common frauds and internal controls over the purchasing and cash disbursement processes. This course teaches you to hone in on smaller businesses and not-for-profit entities where cost/benefit analysis is extremely important and fraud is more likely to occur. Learn how to efficiently analyze controls to ensure you’re getting the “biggest bang for your buck” when considering a control to implement and/or test.
Course ID: CL4PCD
Purchasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls
- Identify common frauds in the purchasing and cash disbursement processes.
- Recognize internal controls to mitigate various risks.
- Recall an analysis process to ensure efficient and effective risk management.
- The acquisitions cycle: ordering, receiving, and warehousing
- Cash disbursements cycle
- Payroll and expense reimbursement frauds
- External auditing and forensic investigations: conceptual and procedural differences
DESIGNED FORBusiness owners, managers, supervisors, accountants and auditors
FIELD OF STUDY