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 nonprofit entities. A sound system of internal controls is needed to help prevent fraud occurrence. 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.
This course teaches you the common frauds in the revenue and cash receipts processes. You will become aware of internal controls that can mitigate various risks, and you will be able to develop an analysis process to ensure efficient and effective risk management.
Frauds Caused by Fraudulent Financial Reporting
Common Fraud Risks Within the Revenue and Cash Receipt Processes
Analysis of Controls for Effectiveness and Efficiency
Estimating the Cost/Benefit of Correcting a Control Weakness