Inventory, Expense and Payroll Fraud
Overview
Inventory is a wonderful place to both hide fraud and commit fraud. The reasons that inventory is subject to so much fraud is the it is often very large, spread out over a large area, and many people have access to it. When there are little or no internal controls related to inventory control, you are begging employees to steal it. No with so many ways to dispose of stolen inventory via the internet, i.e., EBAY, inventory fraud is much more appealing to a lot of individuals.
The more common ways to commit expense fraud and how to cover it up will also be discussed. Travel and entertainment are some of the favorite areas of committing expense fraud. In addition, payroll fraud will be discussed. Although there are many ways to commit payroll fraud, it is very easy to prevent.
This presentation is designed to familiarize the participants with the many ways to commit inventory, expense and payroll fraud, how to detect it, and more importantly, how to prevent it.
Highlights
- Methods of committing inventory, expense and payroll fraud
- What to look for when observing inventory
- Detection of inventory fraud
- How to recognize fictitious expenses
- How to recognize altered expenses
- Indicators of fake documentation
- The three main reason we ask for documentation
- Detection and prevention of ghost employees
Prerequisites
None
Designed For
External and internal auditors, fraud examiners
Objectives
- Identify the areas of opportunity to commit inventory, expense and payroll fraud
- Analyze the opportunities to commit inventory, expense and payroll fraud
- Develop audit procedures to detect inventory, expense and payroll fraud
- Implement internal controls in these areas
Preparation
None
Notice
This course is offered by a 3rd party vendor and will not be accessible in the My CPE Tracker section of the ISCPA website. Course access information will be emailed directly to you by Accounting Continuing Professional Education Network (ACPEN).
Leader(s):
Leader Bios
Dennis Dycus, Dennis Dycus CPA, CFE, CGFM
Mr. Dennis F. Dycus, CFE, CPA, CGFM, presently serves as the Director of the Division of Municipal Audit for the Office of the Comptroller of the Treasury, State of Tennessee. The Division is responsible for the annual audit of all municipalities, utility districts, school activity and cafeteria funds, housing authorities, certain not-for-profit organizations and other quasi-governmental entities in the State of Tennessee. From the beginning of his career with a national accounting firm, through the last 37 years of involvement with the audits of all forms of governmental entities, he brings a wealth of practical experience to his presentations. A graduate of Western Kentucky University, Mr. Dycus is a frequent guest speaker/lecturer for various college business/accounting classes, professional associations, local, state and national conferences and not-for-profit organizations. He is also a member of the Tennessee Society of Certified Public Accountants, the Association of Government Accountants, where he previously served as chapter president; the Government Finance Officers Association, and the Association of Certified Fraud Examiners, where he also served as chapter president and is a former member of both the Associations Board of Regent and ACFE Foundation as well as a member of their instructor faculty on a national basis. Mr. Dycus has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Canada and Europe, for organizations such as the Association of Certified Fraud Examiners; the American Institute of Certified Public Accountants; numerous state CPA societies; the Government Finance Officers Association; the Association of Government Accountants; the National Association of State Auditors, Comptrollers and Treasurers; Westcott Communications, Inc.; the Organization for Security and Co-Operation in Europe; New York Presbyterian Hospital; IBM; HCA; NYC Presbyterian Hospital, Saturn, Inc.; the US Department of Labor; the Government Accountability Office; the Internal Revenue Service; Bisk Education, Inc.; Nichols Education, Inc.; numerous state audit organizations and individual professional firms.
Non-Member Price $109.00
Member Price $79.00