Fraud and Cash Receipts: Common Frauds and Internal Controls (CL4RCR15) - LF Cluster PM Session
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Revenue and cash receipts are two critical areas that require strong controls to prevent fraud and/or misstatements. While there is well-publicized fraud in these areas in larger companies, it also occurs in smaller businesses and not-for-profit entities. This course will discuss common frauds in the revenue and cash receipts processes, help you identify internal controls that mitigate various risks, and develop an analysis process to ensure efficient and effective risk management.

12/28/2015
When: 12/28/2015
1:00 PM until 4:30 PM
Where: DoubleTree by Hilton
1521 W. Pinhook Rd.
Lafayette, Louisiana 
United States
Presenter: Michael Morgan


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Early Bird Fees (through 12/9)
Members $159
Non-Members $209
After 12/9, add $50 to your fee.

CPE: 4 hours
Level: Basic
Vendor: AICPA
Category: Accounting & Auditing
Prerequisites: None
Advanced prep: None

Who should attend: Business owners, managers, supervisors, accountants and auditors

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 in smaller businesses and not-for-profit entities. A sound system of internal controls is needed to help prevent fraud. All too often, a “one-size-fits-all” system is put in place without considering the uniqueness of each entity. It is crucial that an internal control system is tailored so that the areas of greatest risk receive the most attention.

Objectives

  • Identify common frauds in the revenue and cash receipts processes.
  • Identify internal controls that mitigate various risks.
  • Develop an analysis process to ensure efficient and effective risk management.

Major Topics

  • Typical revenue system overview
  • Internal controls is a typical revenue system
  • Retail revenue cycles
  • Manufacturing revenue cycles
  • Service revenue cycles
  • Accounts receivable and billing
  • Cash receipts
  • Revenue frauds caused by fraudulent financial reporting