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Fraud and Cash Receipts: Common Frauds and Internal Controls (FVP8)

  • 11/14/2018
  • 12:30 PM - 4:00 PM
  • Fargo Holiday Inn 701-282-2700

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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.
  • Recall an analysis process to improve efficient and effective risk management in your organization.

Topics Discussed:

  • Traditional revenue system
  • Retail revenue cycle
  • Manufacturing revenue cycle
  • Service revenue cycle
  • Accounts receivable and billing
  • Cash receipts
  • Revenue frauds and fraudulent financial reporting

Intended Audience: Business owners, managers, supervisors, accountants and auditors

Level: Basic
Instructor: Bruce Shepard
Developer: AICPA
Area of Study: 4 Auditing (Technical)
Prerequisite: Experience with engagements performed in accordance with SSARS


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