This session will discuss how to implement controls and practices to reduce the likelihood of fraudulent activities, with a focus on small/medium sized not-for-profits. We will be discussing the most common types of failures within internal controls to detect or prevent fraud, and the best way to combat such failures.
•Understand the role of the financial statement auditors with respect to internal controls
•Discuss the role of the Board with respect to internal controls and risk assessment
•Examine the cost-benefit analysis that takes place with respect to designing an internal control structure
•Lessons learned – implementing controls that strengthen controls without weakening the bottom line