CPE: 4 hours
Advanced prep: None
Who should attend: Auditors, practitioners, and all levels of CPA professionals
Yellow Book: No
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.
When you complete this course you will be able to:
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.
Traditional revenue system overview
Internal controls is a revenue system
Retail revenue cycles
Manufacturing revenue cycles
Service revenue cycles
Accounts receivable and billing
Revenue frauds caused by fraudulent financial reporting