Financial statement fraud is the most costly form of corporate fraud with median frauds of roughly $1 million per occurrence. Manual journal entries are the easiest levers to quickly changing financial statements with statement analysis and journal entry reviews being the quickest methods to unearthing such frauds. But taking the first steps to build a solid fraud prevention program does not have to be expensive or time consuming. You can start by running 10 essential tests for example in journal entry and trial balance reviews.
Run key, proactive fraud tests – using existing financial software – in the general ledger, manual journal entries to the ledger, and completing other financial statement analysis.
This is a previously recorded 2-hour webinar from AuditNet® with Jim Kaplan and Rich Lanza.
AuditNet® is the Global Resource for Auditors, and serves the global audit community as the primary communications resource with an online digital network where auditors share resources, tools, and experiences including audit work programs and other audit documentation.
As the first online portal for the global audit community, AuditNet® has been at the forefront of audit websites dedicated to promoting the use of technology. http://www.auditnet.org/
Jim Kaplan, the founder of AuditNet®, became a Certified Internal Auditor in 1984. He has continuously promoted and encouraged the use of technology and the Internet for audit productivity.
As an active member of the IIA, he has held many positions at the local and International level. He is a founding member of the Northern Virginia Chapter and served as Chapter President in 1989. He retired from his government audit director position in 2005. He is the founder and President of AuditNet®, the global resource for auditors, and has been identified as an Internet for Auditors pioneer. Jim's contributions to the profession were recognized by the IIA (2007 Bradford Cadmus award) and the Association of Local Government Auditors (Lifetime Achievement Award). In addition to the IIA, he is a member of the Association of Local Government Auditors and the Association of Certified Fraud Examiners.