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Purchasing, Inventory, and Cash Disbursements: Common Frauds and Internal Controls

Author/Moderator: Glenn Helms, Ph.D, CPA, CIA, CISA, CFF, CITP
Publisher: AICPA
Availability: Online Access
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Purchasing and cash disbursements are common targets for fraud in any entity’s environment. While business owners and managers are aware of the importance of internal controls, they often don’t know whether their own system is adequate.

This CPE course will help business owners and CPAs detect key risk factors, design internal controls to mitigate that risk, and develop a process to ensure effective risk management continues in an ongoing basis. It also helps you efficiently analyze controls to ensure you’re getting the “biggest bang for your buck” when considering a control to implement and/or test.

The course focuses on smaller businesses and not-for-profit entities where cost-benefit analysis is extremely important and fraud is more likely to occur.

Key Topics:

  • The acquisitions cycle: ordering, receiving, and warehousing
  • Cash disbursements cycle
  • Payroll and expense reimbursement frauds
  • External auditing and forensic investigations: conceptual and procedural differences

Learning Objectives:
This course will prepare you to:

  • Identify common frauds in the purchasing and cash disbursement processes
  • Identify internal controls that mitigate various risks
  • Apply an analysis process to ensure efficient and effective risk management

Who Will Benefit?
Business owners, managers, supervisors, accountants, and auditors at small businesses and nonprofits

Prerequisite:  None

Advance Preparation:  None

NASBA Field of Study: Auditing
Level: Basic
Recommended CPE Credit: 4
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