Finding Revenue and Receivables Fraud Using Data Analytics
Field: Fraud | Delivery Method: Self Study | CPE Hours: 2.0
Revenue fraud hurts organizations in two ways. In research dating back 25 years, financial misstatements primarily are due to changing revenue figures...with median fraud values roughly over $1 million per occurrence.
Aside from the financial statement effects, the area is also ripe for the simple act of stealing liquid assets.
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 – using existing software or Excel – that will help you identify and thwart revenue fraud, as well as demonstrate to stakeholders that you have conducted prudent, risk-management exercises as a matter of course.
What you will learn:
- Run key, proactive fraud scheme tests – using existing financial software – in sales journals, receipt logs, the general ledger, and financial statements;
- Prioritize the top areas of revenue fraud occurrence for your company, based on research culled from recent surveys;
- The anatomy of revenue recognition schemes such as channel stuffing, fake sales and more
- Understand the best and easiest steps to implement immediately;
- Set up a program of regular fraud risk management surrounding revenue misappropriation and misstatement.
- How to find and prevent lapping schemes
- How to obtain the best accounts receivable and revenue data to perform optimal analytic-based audits
- Step-by-step data analytic techniques for receivables theft and revenue manipulation schemes
This is a previously recorded 2-hour webinar from AuditNet® with Jim Kaplan and Rich Lanza.
Delivery Method: Self-Study
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.