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.
Learning Objectives:
•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
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