Fraud Detection in Public Schools
|
|
- Willis Bennett
- 6 years ago
- Views:
Transcription
1 Fraud Detection in Public Schools Goal: To learn how to prevent and detect fraud from actual evidence uncovered during fraud investigations Format: We will discuss three of the largest fraud cases over the past ten years in Kentucky Schools. We will look at actual evidence from each case and discuss how the auditors pieced it together. We will discuss some simple techniques to minimize the risk of the same frauds happening at your district. Scope: These are just three cases which resulted in a large dollar loss to the schools and the district. Any fraud is too much fraud, and every dollar is significant. Hopefully, you can prevent a problem before it starts. Cases: All three cases were successfully prosecuted and all the evidence presented herein is subject to the open records law; however, since school personnel has changed, I have redacted school names so the current school personnel may focus on student achievement. School D : How it was discovered: Anonymous letter mailed to Internal Audit & Superintendent with concerns of consultants being paid for work not being done at the school. Other concerns surfaced after the initial investigation including conflict of interest and fraudulent use of a school s credit card. How it was perpetrated: Kickback scheme between Principal and educational consultants. One or more of the consultants were friends or a relative. EC s got paid for services not rendered & split pay with Principal Bookkeeper believed to have been hand-picked and worked in conjunction with the principal to deceive. Bookkeeper created on line purchase orders for fictitious vendors and did receiving for false invoices. How it could have been prevented: Check credentials of educational consultants. Criminal background checks of consultants. Fraud hotline or other reporting mechanism. Ensure credit card use is only for school s purposes. Do not allow vendors to pick-up checks from Accounts Payable.
2 School S : How it was discovered: During the routine audit of the school s activity funds it was discovered that a number of checks were made payable to the bookkeeper totaling hundreds of dollars. After this initial finding it was necessary to aggressively pursue additional financial concerns at this school. How it was perpetrated: Bookkeeper wrote and cashed checks payable to cash and bookkeeper with no backup available for review. She verbally claimed she was reimbursing student fees that were paid to the school. She stole cash from one deposit & made deposit whole by substituting checks from another deposit. She used checks out of order & not aligned with software, so bank statement couldn t be reconciled. Bookkeeper kept records so sloppy and in disarray that auditing became an adventure in itself. How it could have been prevented: Don t allow excessive disorganization! Mandate that teachers/sponsors receive and review monthly activity account statements. If refunds are allowed they should be made by check not cash and documentation signed by payee (similar to multiple receipt form). Staff told Auditor that bookkeeper was trying to obtain personal loans from coworkers; this is an indication that the bookkeeper was hurting financially. This should have been a warning sign! School L : How it was discovered: During the routine school activity audit it was discovered that a check, made payable to the bookkeeper, lacked supporting documentation and that the authoritative signature on the face of the check was not that of the principal. After this fraud was discovered, it was determined a more in-depth investigation was warranted, including reviewing previous years records. Others fraudulent discoveries included. Deception by fraud and forgery of School Activity and PTA documents. Checks written to the bookkeeper lacking sufficient supporting documentation. Use of school s Kroger charge card accounts for personal use. Use of a fictitious vendor. Theft of fund-raising proceeds and the creation of fraudulent invoices. The co-mingling of School Activity, PTA and FRC funds allowing the school s bookkeeper to manipulate and falsify the financial records at her school for personal gain.
3 Made payments to bookkeepers Mortgage Company (KHC) and replaced the backup with fictitious documentation. How it was perpetrated: Bookkeeper maintained the PTA records, she convinced the PTA president that she should maintain the PTA records allowing her to manipulate the funds; she never reconciled and no one ever saw the records. Donations to the school and the FRC were deposited into the PTA account then the bookkeeper wrote checks from PTA account to herself with no documentation. Ordered from Allegra Printing Company a set of duplicated checks to keep on file replacing fraudulent checks written to vendors and bookkeeper for cash. Duplicate checks on file in the school files had altered check numbers, forged signatures and endorsements. Wrote checks payable to the bookkeeper out of the activity account and used forged and fictitious receipts as supporting documents. Used Kroger charge card purchasing food and personal items. Bookkeeper created a fictitious vendor Aurora!, wrote check to this vendor, and deposited the check in her bank account endorsing it Aurora with her name signed below. Boldly stole fund raising money generated from parking at special events. Bookkeeper had complete control over fund-raising activities. How it could have been prevented Principal should open bank statement and examines each cancelled check. Closely examine supporting documentations for all expenditures. Periodically visit bookkeeper s office with questions and general observations of records not necessarily available for review. Express a genuine interest in the overall duties and responsibilities of the bookkeeper. Observe and review receipting of funds run through the activity account. Understand, analyze and scrutinize all financial statements within reason. Review check register and question payments to certain vendors, large dollar amounts and checks made payable to bookkeeper.
4 TO PRICNIPALS FROM: JESSICA ANNIS, DIRECTOR OF FINANCE RE: FRAUD PREVENTION STEPS 1. Always sign financial forms. Never use a signature stamp. Spend a few seconds reviewing every financial form you sign. By inspecting what you sign, and making sure your staff knows it, you are reducing the perceived opportunity to steal. 2. Segregation of Duties is key in preventing fraud. Make sure no one has the ability initiate, approve, and complete any one transaction. 3. Always receive the bank statement unopened, review the balance, and scan through the canceled checks and deposits. You should always have at least four deposits per months per Redbook. When you do this, look for unfamiliar vendors (acronyms), suspicious signatures, or suspicious endorsements. 4. Randomly ask questions. When reviewing the bank statement, ask to see documentation for a couple of canceled checks. Ask questions about items you sign. Your financial operations should mirror your school. 5. Keep your ears open. The most common method of finding a case of fraud is by tip. Make sure your staff knows you are available if they have any suspicions. 6. Do not pre-sign any checks or forms. 7. Involve numerous people when cash is involved and always require receipts. 8. Look for trends. Are you using a particular vendor more than in the past? Are you signing more checks? Is your bank balance going down? Do the profits from bookstore sales or fundraisers seem smaller than in the past?
5 9. The culture of an organization comes from the top. If you demonstrate ethical behavior and place importance on financial matters, those who report to you will reflect your attitude. 10. All events that take cash, such as athletic events where a fee is charged, dances, or parking fundraisers, should have two HCS employees with the cash at all times. Prenumbered tickets should be used whenever possible. Ticket stubs should be reconciled to cash received (beginning cash drawer $100 + $5 per ticket x 100 tickets should equal $600 in the ending cash drawer). 11. Sponsors should review receipts, disbursements and understand transfers in their activity accounts. Principals should have bookkeepers print out and provide activity fund sponsors copies of YTD reports monthly. If sponsors notice any discrepancies between the report and their receipts, they should immediately notify the Principal. 12. When signing payroll, review for indication of overtime and excessive hours of extra service. 13. Whenever you feel uncomfortable, call Director of Finance , Associate Supt of Finance or Anonymous Fraud Hotline What to do if fraud is suspected: Contact Director of Finance or Associate Superintendent of Finance and Support Contact the fraud hotline if you would like to remain anonymous. Please report the problem on the hotline and the Director of Finance will then proceed to investigate the claim. Do not accuse the person or persons of any fraud as they will have time to cover their tracks if fraud exists. Key Statistic s to Remember:
6 ANYONE can commit fraud. In fact, 87% of people who commit have never been charged or convicted of a fraud-related expense. The longer a person has worked for an organization, the higher fraud losses tend to be. The person committing fraud typically has been doing this for 18 month before they are detected. Fraud is more likely to be detected by a tip than any other method. Almost half of all fraud is reported by a tip from an employee or hotline. Only 3.3% of fraud is found in an external audit. In 80% of all cases the fraudster displayed one or more behavioral red flags that are often associated with fraudulent conduct. Living Beyond Their Means Financial Difficulties Unusually Close Relationships with Vendors or Customers Excessive Control Issues People who commit fraud go through the three phases of the Fraud Triangle: No one watching Too much control Cash Management Override Opportunity Incentive Rationalization
7 Medical Issues Spouse Unemployed Gambling Debt Just Borrowing They Owe Me I volunteer all the Time They will never miss it HARDIN COUNTY SCHOOLS 65 W.A. Jenkins Road Elizabethtown, KY Office: (270) Fax: (270) Hour Anonymous Reporting Hotline (270) No Personal Contact Hardin County Schools provides a reporting hotline to anyone who wishes to report any of the following incidents anonymously: Fraud Conflict of Interest Bribery and Kickbacks Ethical Violations Internal Controls Violation of School Policy
8 All calls are confidential and the anonymity of the caller will remain confidential.
An Expensive Problem. Fraud in Government A Growing Problem
Stuart T Stickel, CPA, CFE Deputy State Auditor West Virginia State Auditor s Office Charleston, WV An Expensive Problem Business fraud and abuse in the U.S. cost about $650 billion a year. Government
More informationReduce Your Risk: Understanding Internal Controls and Fraud Risks and Prevention
Reduce Your Risk: Understanding Internal Controls and Fraud Risks and Prevention Michigan Municipal Treasurers Association June 16, 2017 Scott Sternhagen, CPA Manager Ryan Ritchay, CPA, CFE Senior Accountant
More informationPREVENTING FRAUD IN THE HOSPITALITY INDUSTRY
PREVENTING FRAUD IN THE HOSPITALITY INDUSTRY Provided by David M. Bleser of Hospitality Safeguards, Inc. Jim Stover of Arthur J. Gallagher TABLE OF CONTENTS I. INTRODUCTION TO FRAUD...2 A. FRAUD FOUNDATION...2
More informationUNDERSTANDING FINANCIAL STATEMENTS
UNDERSTANDING FINANCIAL STATEMENTS WHAT ARE FINANCIAL STATEMENTS? Most commonly there are 3 types of financial statements: 1. Balance Sheet 2. Income Statement 3. Cash Flows BREAKING IT DOWN: THE BALANCE
More informationFRAUD AND EMBEZZLEMENT AT THE LOCAL SCHOOL LEVEL
FRAUD AND EMBEZZLEMENT AT THE LOCAL SCHOOL LEVEL Karen Lusk Smith, CSFO February 26, 2013 Disclaimer: The opinions expressed in this presentation are those of Karen Lusk Smith and are not meant to be a
More informationFraud Prevention for Nonprofits
Fraud Prevention for Nonprofits January 11, 2017 Fraud Myths It hardly ever happens to nonprofits. It won t happen in our organization. Jane is the most dedicated and honest person I ve ever met. Mary
More informationLecture Notes for How to Steal $500 Million
Lecture Notes for How to Steal $500 Million These notes will be in the form of questions that you should try to answer while watching the video. The purpose is to make certain that you are paying attention
More informationChapter 2 Skimming. 2. To a fraudster, the principle advantage of skimming is the difficulty with which the scheme is detected. a. True b.
Chapter 2 Skimming 1. is the theft of cash from a victim entity prior to its entry in an accounting system. a. A fictitious disbursement b. Skimming c. Larceny d. Conversion 2. To a fraudster, the principle
More information1/3/2013. Months. Other $75,000. Government $81,000. Non-Profit $100,000. Dollars. Public Company $127,000. Private Company $200,000
In its 2008 Report to the Nation, Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) - reported losses of 7% of revenue or $994 billion of US Gross Domestic Product lost
More informationOCCUPATIONAL FRAUD 9/20/2018
OCCUPATIONAL FRAUD Presented by Inv. Andrea Jacobson Alaska State Troopers Alaska Bureau of Investigation Financial Crimes Unit What does it look like? What do we do when we see it? How do we prevent it?
More informationDescribe Fraud in the Context of Financial
Misappropriation of Assets and Fraudulent Financial Reporting Loscalzo s September 24, 2014 2012 Template for PowerPoint Slides A SmartPros Ltd. Company www.loscalzo.com (732) 741 1600 1 CPE Instructions
More informationOAPT June 9, Deterring Fraud and the Latest Fraud Schemes in Public Entities TAKE AWAY #1
OAPT June 9, 2015 Deterring Fraud and the Latest Fraud Schemes in Public Entities TAKE AWAY #1 Fraud can happen at any entity, at any time with the right circumstance Be Vigilant and Skeptical of what
More informationUniversity System of Georgia s 2016 Georgia Summit Fraud in Higher Education
University System of Georgia s 2016 Georgia Summit Fraud in Higher Education How to Protect your Institutions! September 14 2016 Jeff Fucito, CPA Aleisa Howell, CPA Jon Schultz, CPA Augusta Marriott at
More informationStop Fraud in Your Office. Presented by: Margaret A. (Peggy) McGarrity, Esq., CPA
Stop Fraud in Your Office Presented by: Margaret A. (Peggy) McGarrity, Esq., CPA 1 White-Collar Crime EDWIN H. SUTHERLAND 1939 First defined white-collar crime Criminal acts of corporations Individuals
More informationCOVERAGE FRAUD IN EMPLOYEE BENEFIT PLANS 5/15/2014. Where employee benefit fraud is likely. Internal controls that help prevent fraud
FRAUD IN EMPLOYEE BENEFIT PLANS COVERAGE Where employee benefit fraud is likely Internal controls that help prevent fraud What should management have done? Schemes and war stories 1 FRAUD TRIANGLE Incentive/pressure
More informationLecture notes for: Corporate Cons
Lecture notes for: Corporate Cons This video covers internal fraud schemes (as opposed to management trying to defraud investors - like the other two videos) Cash Internal fraud schemes: Accounts receivable
More informationFRAUD AWARENESS & PREVENTION
FRAUD AWARENESS & PREVENTION Nancy Wonderlich Koonce, CPA/MBA/CVA/CFE nkoonce@idahocpa.com What is occupational fraud? The use of one s occupation for personal enrichment through the deliberate misuse
More informationTypes of Fraud, Detection and Mitigation Presentation by: Isaac Mutembei Murugu CIA, CISA 23 rd November Uphold public interest
Types of Fraud, Detection and Mitigation Presentation by: Isaac Mutembei Murugu CIA, CISA 23 rd November 2017 Uphold public interest Contents Types of fraud, their modes of detection and mitigation Contract
More informationMMAAA Annual Meeting. Conducting an Investigative Audit June 13, Presented by: John J. Sullivan, CFE Melanson Heath
MMAAA Annual Meeting Conducting an Investigative Audit June 13, 2017 Presented by: John J. Sullivan, CFE Melanson Heath Association of Certified Fraud Examiners 2016 Global Fraud Study Figure 1. Statistics
More informationEverything You Didn t Want To Know About Employee Crime
Everything You Didn t Want To Know About Employee Crime It's something employers don't want to have to think about: employee crime. Finding out that trusted, long-term employees have been stealing from
More informationTable 1: Historical Summary of Revenue Lost to Fraud. Estimate of Revenue Lost to Fraud
Anchin Alert: ACFE Report to the Nations 2018 The Association of Certified Fraud Examiners ( ACFE ) recently published the Report to the Nations 2018 Global Study on Occupational Fraud and Abuse (the 2018
More informationFraud prevention for credit unions
Fraud prevention for credit unions Deposit Insurance Corporation of Ontario November 12, 2013 2 Agenda The cost of fraud Internal fraud The risks of external fraud facing credit unions Fraud prevention
More information11/9/15. Fraud in Non-profit Organizations: What You Need to Know NOW!
Fraud in Non-profit Organizations: What You Need to Know NOW! The CFE Credential The Certified Fraud Examiner (CFE) credential denotes proven expertise in fraud prevention, detection and deterrence. CFEs
More informationFraud & Forensic Accounting Update for CPAs
Fraud & Forensic Accounting Update for CPAs Presented by: Brett A. Johnson CPA/CFF, CFE, CFI Forensic Accounting Manager Background Eide Bailly LLP Top 25 CPA firm in the nation (Est. 1917) More than 49,000
More informationAsset Misappropriation. Peter N. Munachewa, CICA, CFIP, CFE
Asset Misappropriation Peter N. Munachewa, CICA, CFIP, CFE CORPORATE FRAUD AND ABUSE CLASSIFICATION SYSTEM Corruption Asset Misappropriation Fraudulent Statements Conflicts of Interest Purchasing Schemes
More informationLooking for Fraud Through Rose-Colored Glasses
Looking for Fraud Through Rose-Colored Glasses April 11, 2016 Presented by: James Mihills, CPA Disclaimer of Liability Weaver provides the information in this presentation for general guidance only, and
More informationFRAUD: A Web Of Deceit
FRAUD: A Web Of Deceit Presented by: Tessa Filippazzo, CPA, CFE Curtis Blakely & Co., P.C. PO Box 5486 Longview, TX 75608 (903) 758 0734 tfilippazzo@cbandco.com DEFINITION Intentional perversion of truth
More informationMitigating Fraud. June 22, Sept. 21, 2014
Mitigating Fraud June 22, 2016 Sept. 21, 2014 Agenda Overview of the 2016 Report to the Nations on Occupational Fraud and Abuse Real Life Fraud Cases Mitigation Tools Lone Star College s Ethics Hotline
More informationIts Not About If, Its About When! Learning how to protect your organization.
Learning how to protect your organization. Presentation Overview Summary off FFraud S d St Statistics ti ti Definitions of Fraud How and Why Fraud Happens Fraud Prevention and Deterrence Steps to Reducing
More informationDelivering Confidence PAGE 1
PAGE 1 PAGE 2 Small Business, Big Thieves Preventing Fraud in Your Organization Presented by: Sean T. Daughton, CPA, CFE Kaitlyn Hensler, CPA, CFE 6.6.2018 3 Big Thieves PAGE 3 4 Concealing Fraud PAGE
More informationFinancial Accounting, 1e Chapter 6: Ethics, Internal Control, and IFRS Test Item File
Financial Accounting, 1e Chapter 6: Ethics, Internal Control, and IFRS Test Item File 6.0-1 Some accounting professionals believe that GAAP may have contributed to the accounting scandals as early as the
More informationGrant Fraud. Leslie Les Hollie Assistant Inspector General For Investigations
Grant Fraud Leslie Les Hollie Assistant Inspector General For Investigations US Dept of Health and Human Service Office of Inspector General Office of Investigations Washington, DC HRSA: May 16, 2017 Not
More informationFraud in Nonprofits: Real Stories. Presented by: Mike Hablewitz, CPA, Senior Manager
Fraud in Nonprofits: Real Stories Presented by: Mike Hablewitz, CPA, Senior Manager Fraud Triangle 3 factors are generally present in any fraud: Pressure Rationalization Fraud Triangle! Opportunity Case
More informationHOW TO SPOT AND MITIGATE FRAUDULENT ACTIVITIES
HOW TO SPOT AND MITIGATE FRAUDULENT ACTIVITIES For Government Entities and Nonprofit Organizations November 15, 2017 Presenters Bruce V. Bush Bruce is a Senior Director in RSM s Financial Investigations
More informationPalomar Community College District Procedure AP 5900 PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS
1 STUDENT SERVICES 2 3 AP 5900 PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 References: Fair
More informationFraud Prevention and Detection. Lisa dewit, Sr Project Manager (3-5631) Formation Review 20 Oct 17 Prepared for: IIA Annual Fraud Seminar
Fraud Prevention and Detection Lisa dewit, Sr Project Manager (3-5631) Formation Review 20 Oct 17 Prepared for: IIA Annual Fraud Seminar Opening Remarks Fraud - what is it? Fraud Risk Management Fraud
More informationFraud Prevention & Detection. Eric Conforti, CPA, CFE April 17, 2018
Fraud Prevention & Detection Eric Conforti, CPA, CFE April 17, 2018 1 Recent Trends Prevention and Detection Methods Common Schemes Case Studies Throughout 2 ACFE Report to the Nations 3 ACFE Report to
More informationGood From The Inside Out. Saturday, April 8, 2017
Good From The Inside Out Saturday, April 8, 2017 What s New? Just last week Ex-CFO Accused of Embezzling $20M From Credit Union -Detroit Free Press January 9, 2016 Headlines Recent headlines Engaged CU
More informationWYOMING PRIMARY CARE ASSOCIATION (WYPCA) Document Destruction and Whistle-Blower/Code of Conduct Policy
WYOMING PRIMARY CARE ASSOCIATION (WYPCA) Document Destruction and Whistle-Blower/Code of Conduct Policy Adopted by the WYPCA Board of Directors on January 21, 2015. The Sarbanes-Oxley Act, which was signed
More informationTo Receive CPE Credit
Fraud Prevention Strategies for Financial Institutions: A Forensic Accountant s Top 20 List Presenter Photo Angela Morelock Partner amorelock@bkd.com 417.865.8701 August 15, 2013 To Receive CPE Credit
More informationPREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS
Reference: 15 U.S. Code Section 1681m(e) (Fair and Accurate Credit Transactions Act (FACT ACT or FACTA)) I. The Purpose of the Identity Theft Prevention Program The purpose of this Identity Theft Prevention
More informationManaging Reputational Risk for Nonprofit Organizations. Best Practices for Fraud Prevention. July 14, Christopher W. Truman, CPA, Manager
Managing Reputational Risk for Nonprofit Organizations Best Practices for Fraud Prevention July 14, 2014 CLAconnect.com Presenters Christopher W. Truman, CPA, Manager 2 July 14, 2014 1 Things to Think
More informationChapter Five: Student Services and Operations AP 5800 PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS
AP 5800 PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS I. Purpose of the Identity Theft Prevention Program The purpose of this Identity Theft Prevention Program (ITPP) is to control reasonably
More informationHeerema Marine Contractors
Heerema Marine Contractors ANTI-FRAUD POLICY Date of issue September 2012 Version 2012.02 Document HMC L055 Summary HMC requires its staff at all times to act honestly and with integrity in order to safeguard
More informationAP 5800 PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS
Last Reviewed May 24, 2016 AP 5800 PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS Reference: 15 U.S. Code Section 1681m(e) (Fair and Accurate Credit Transactions Act (FACT ACT or FACTA))
More informationFOUNDATION SERIES ON DEMAND. Fraud Red Flags Workbook
FOUNDATION SERIES ON DEMAND Workbook INTRODUCTION TO FRAUD RED FLAGS Red flags can be found in any document at any point during the review of a loan file. It is our job to recognize these irregularities
More informationINTERNATIONAL STANDARD ON AUDITING 240 THE AUDITOR S RESPONSIBILITY TO CONSIDER FRAUD IN AN AUDIT OF FINANCIAL STATEMENTS CONTENTS
INTERNATIONAL STANDARD ON AUDITING 240 THE AUDITOR S RESPONSIBILITY TO CONSIDER FRAUD (Effective for audits of financial statements for periods beginning on or after December 15, 2004) CONTENTS Paragraph
More informationEmployee Benefit Plan Fraud Examples
April 2013 Employee Benefit Plan Fraud Examples The following summary of actual fraud cases was compiled from submissions by auditor of employee benefit plans. The fraud cases are grouped in the following
More informationFraud in the Government Realm. Introduction. What is Fraud? My career began with a local government fraud in 1993
Fraud in the Government Realm Introduction My career began with a local government fraud in 1993 2 What is Fraud? 3 1 Two Types of Fraud 4 Fraud Do not be think it is not happening 5 Your employees? 6
More informationANTI-BRIBERY & CORRUPTION POLICY
1 INTRODUCTION 1.1 The Board of Directors of Ascendant Resources Inc. 1 has determined that, on the recommendation of the Corporate Governance Committee, Ascendant should formalise its policy on compliance
More informationFraud and corruption prevention and control policy of the International Federation of Red Cross and Red Crescent Societies
www.ifrc.org Saving lives, changing minds. Fraud and corruption prevention and control policy of the International Federation of Red Cross and Red Crescent Societies Document Issued On: [insert date] Approved
More informationInternational Standard on Auditing (UK) 240 (Revised June 2016)
Standard Audit and Assurance Financial Reporting Council July 2017 International Standard on Auditing (UK) 240 (Revised June 2016) The Auditor s Responsibilities Relating to Fraud in an Audit of Financial
More informationThe Auditor s Responsibilities. Audit of Financial Statements
HKSA 240 Issued July 2009; revised July 2010, May 2013, February 2015 Effective for audits of financial statements for periods beginning on or after 15 December 2009 Hong Kong Standard on Auditing 240
More informationPREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS
AP 5800 PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS References: 15 U.S. Code Section 1681m(e) (Fair and Accurate Credit Transactions Act (FACT ACT or FACTA)) I. The Purpose of the Identity
More informationPrevention of Identity Theft in Student Financial Transactions
AP 5800 Reference: Prevention of Identity Theft in Student Financial Transactions 15 U.S. Code Section 1681m(e) (Fair and Accurate Credit Transactions Act (FACT ACT or FACTA)) Date Issued: November 5,
More informationWhat do they investigate
What is Forensic Accounting & What do they investigate Presented by: Doug Cash MBA, CFE, CFI, CFCI Manager Forensic Accounting & Investigative Services Specialization i What is Forensic Accounting? What
More informationRiverside Community College District Policy No Student Services PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS
Riverside Community College District Policy No. 5900 Student Services BP 5900 PREVENTION OF IDENTITY THEFT IN STUDENT FINANCIAL TRANSACTIONS Reference: Fair and Accurate Credit Transactions Act, (15 U.S.C.
More informationAGA Risk and Fraud Webinar
AGA Risk and Fraud Webinar February 22, 2017 Let s Begin with the Basics 5% of revenues lost to fraud every year Median fraud duration from start to detection is 18 months Small organizations tend to suffer
More informationSTAR GAS PARTNERS, L.P.
STAR GAS PARTNERS, L.P. SUBJECT: CODE OF BUSINESS CONDUCT AND To Whom the Code Applies This Code applies to all employees of Star Gas Partners, L.P. and its direct and indirect subsidiaries (collectively
More informationFinancial Transactions and Fraud Schemes
Financial Transactions and Fraud Schemes Asset Misappropriation: Fraudulent Disbursements 2016 Association of Certified Fraud Examiners, Inc. Fraudulent Disbursement Schemes Register disbursement schemes
More informationFraud: How to Get Your District Free Publicity
APRIL 13-16, 2016 Fraud: How to Get Your District Free Publicity THESE MATERIALS HAVE BEEN PREPARED BY NIGRO & NIGRO, PC THEY HAVE NOT BEEN REVIEWED BY STATE CASBO FOR APPROVAL, SO THEREFORE ARE NOT AN
More informationARCHDIOCESE OF ST. LOUIS Cardinal Rigali Center 20 Archbishop May Drive St. Louis, Missouri Memorandum
ARCHDIOCESE OF ST. LOUIS Cardinal Rigali Center 20 Archbishop May Drive St. Louis, Missouri 63119-5738 Deacon C. Frank Chauvin Chief Financial Officer 314-792-7280 chauvin@archstl.org Memorandum TO: FROM:
More information7/21/2015. July 22, 2015 at 1 p.m. Central time FRAUD & EMBEZZLEMENT. Lessons from the Trenches. Angela Morelock Partner
July 22, 2015 at 1 p.m. Central time FRAUD & EMBEZZLEMENT Lessons from the Trenches Angela Morelock Partner amorelock@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls when they
More informationFINANCE COMMITTEE PROCEDURES. Committee Responsibilities. Audit Process
1 FINANCE COMMITTEE PROCEDURES Committee Responsibilities The committee is responsible for overseeing financial operations. This includes: 1. Hiring a bookkeeper 2. Preparing a budget 3. Conducting an
More informationGlobal Policy on Anti-Bribery and Anti-Corruption
1 Global Policy on Anti-Bribery and Anti-Corruption OUR GLOBAL POLICY ON ANTI-BRIBERY AND ANTI-CORRUPTION Did You know?? PolyOne is committed to the prevention, deterrence and detection of fraud, bribery
More informationCatch Me If You Can. Fraud in Local Government. CITY & COUNTY OF SAN FRANCISCO Office of the Controller Audits Division
Catch Me If You Can Fraud in Local Government CITY & COUNTY OF SAN FRANCISCO Office of the Controller Audits Division Steve Flaherty, Principal Investigator 10.03.2018 2 Disclaimer Any names or incidents
More informationAuditing and Assurance Standards Council
Auditing and Assurance Standards Council Philippine Standard on Auditing 240 (Redrafted) THE AUDITOR S RESPONSIBILITIES RELATING TO FRAUD IN AN AUDIT OF FINANCIAL STATEMENTS PHILIPPINE STANDARD ON AUDITING
More informationInternational Standard on Auditing (Ireland) 240
International Standard on Auditing (Ireland) 240 The Auditor s Responsibilities Relating to Fraud in an Audit of Financial Statements July 2017 MISSION To contribute to Ireland having a strong regulatory
More informationFraud Detection and Prevention for Governmental Organizations. Michael A. Swafford, CIA, CFE
Fraud Detection and Prevention for Governmental Organizations Michael A. Swafford, CIA, CFE Presenter Michael A. Swafford, CIA, CFE Mike is a Consulting Manager in our Forensic Valuation Services Practice
More informationThe Auditor s Responsibility to Consider Fraud in an Audit of Financial Statements
Issued December 2007 International Standard on Auditing The Auditor s Responsibility to Consider Fraud in an Audit of Financial Statements The Malaysian Institute of Certified Public Accountants (Institut
More informationSOLUTIONS. Learning Goal 25
Learning Goal 25: Report and Control Cash S1 Learning Goal 25 Multiple Choice 1. d Bank errors must be an adjustment to the bank balance, not the book balance, even though these items can be added or subtracted
More informationInternal Bank Fraud Schemes & Scams in an Economic Downturn. Fictitious Loans. Bank Fraud Investigations. Tracking spreadsheet Affidavit 1 Affidavit 2
acumen Internal Bank Fraud Schemes & Scams in an Economic Downturn Presented by Angela Morelock, CPA, CFE, CFF, ABV, Certified Forensic Accountant insight ideas attention reach expertise depth agility
More informationIs Your Construction Project a Victim of Fraud?
Is Your Construction Project a Victim of Fraud? Guler Ann Wiefling, CFE Partner, Forensics and Litigation Services Stephen Howard, CFE Director, Forensics and Litigation Services Agenda Is Your Construction
More informationTHE SCHOOL DISTRICT OF GREENVILLE COUNTY
THE SCHOOL DISTRICT OF GREENVILLE COUNTY Fall 2018 The District appreciates the assistance that support groups provide to students Consistency of general practices and financial reporting will help ensure
More information1/24/14. Fraud Detec/on and Preven/on. Agenda. Fraud Cases in Minnesota - Schools
February 7, 2014 Fraud Detec/on and Preven/on Presented by: Steve Wischmann, CPA, CFE, CFF, CCFE, MAFF Agenda 1. Actual Minnesota School Cases in the News 2. Definition of Fraud 3. Fraud Statistics-ACFE
More informationCrime Insurance Application
*Please visit www.allrisks.com/submit-a-risk or contact your current All Risks, Ltd. producer to submit applications. Crime Insurance Application General Information 1. Name of Applicant: Address of Applicant:
More informationNATIONAL ASSOCIATION OF ANNUAL CONFERENCE TREASURERS CRIME IN THE CHURCH
NATIONAL ASSOCIATION OF ANNUAL CONFERENCE TREASURERS CRIME IN THE CHURCH SEPTEMBER 2015 CHARLESTON, SC CHARLES HAMILTON, CPA, CPCU PRESIDENT UNITED METHODIST INSURANCE 2 Table of Contents 1. What, me worry?
More informationFitchburg State College Identity Theft Prevention Program updated 11/17/09
Fitchburg State College Identity Theft Prevention Program updated 11/17/09 Program Adoption Purpose Definitions Fitchburg State College (College) developed this Identity Theft Prevention Program to detect,
More informationApproval version. G l o b a l P o l i c y : F r a u d R e s p o n s e a n d W h i s t l e b l o w i n g P o l i c y. Board of Directors.
Approval version G l o b a l P o l i c y : Issuer Author Approved by Board of Directors Group Legal Department Board of Directors Issue date July 01 2013 Revision history Publication via n/a BCnet Limitations
More informationClarion University Identity Theft Prevention Program
Clarion University Identity Theft Prevention Program A) Purpose The purpose of the Identity Theft Prevention Program (Program) is to detect, prevent and mitigate identity theft in connection with any covered
More informationPaul D. Vanchiere, MBA
Paul D. Vanchiere, MBA Theft-Proof Your Practice PEDIATRIC MANAGEMENT INSTITUTE Disclosures Pediatric Management Institute Consulting services for Pediatric Practices PhysicianIntelligence.com Business
More informationFraud Examination. Prevention, Detection, and Investigation. Steven M. Bragg
Fraud Examination Prevention, Detection, and Investigation Steven M. Bragg Chapter 1 Introduction to Fraud... 1 Learning Objectives... 1 Introduction... 1 What is Fraud?... 1 Confidence... 1 The Effects
More informationDonations from other groups such as PTA, Booster Clubs or private donors.
Vending machine revenue Fundraising Club sponsored sales or fundraising Campus activities such as carnivals, pictures, etc. Donations from other groups such as PTA, Booster Clubs or private donors. 2 Separation
More informationAIPHS Financial Procedures
AIPHS Financial Procedures 1. Bank Accounts Shall remain at Community Bank of the Bay and East West Bank. The Board president along with the Superintendent of AIM Schools, shall have signatory power. 2.
More informationCODE OF BUSINESS CONDUCT
CODE OF BUSINESS CONDUCT CONTENTS Introduction from Doug Duguid 2 What is the Code of Business Conduct? 3 Who Does the Code Apply to? 4 Business Partners, Agents and Business Representatives 5 What is
More informationSynopsys Business Partner Code of Conduct
Synopsys Business Partner Code of Conduct December 15, 2015 Synopsys commitment to ethical business practices requires not only a commitment from our employees, it also requires a commitment from our Business
More informationFraud Risk Assessment CARRIE KENNEDY, PARTNER DUSTIN BIRASHK, PARTNER
Fraud Risk Assessment CARRIE KENNEDY, PARTNER DUSTIN BIRASHK, PARTNER Disclaimer The material appearing in this presentation is for informational purposes only and should not be construed as advice of
More informationCODE OF CONDUCT AND ETHICS POLICY ON BRIBERY & IMPROPER PAYMENTS
CODE OF CONDUCT AND ETHICS POLICY ON BRIBERY & IMPROPER PAYMENTS Magna International Inc. Policy on Gifts & Entertainment 1 POLICY ON BRIBERY & IMPROPER PAYMENTS Magna prohibits bribery and improper payments
More informationFinancial Statement Fraud
Financial Statement Fraud 91 Errors, Irregularities, and Fraud Error unintentional misstatements or omissions of amounts or disclosures on financial statements Fraud is intentional 92 How errors and manipulations
More informationSOMERVILLE HOUSING AUTHORITY ANTI- FRAUD POLICY. April 3, 2013
SOMERVILLE HOUSING AUTHORITY ANTI- FRAUD POLICY April 3, 2013 Introduction The Board of Commissioners of the Somerville Housing Authority has established an anti-fraud policy to enforce controls and to
More informationINVESTIGATIVE AUDIT REPORT
INVESTIGATIVE AUDIT REPORT ARLINGTON HIGH SCHOOL SHELBY COUNTY SCHOOL SYSTEM JULY 1, 2008, THROUGH JUNE 30, 2010 State of Tennessee Comptroller of the Treasury Department of Audit Division of Investigations
More informationSafeguarding the Financial Assets of Your Church. Indiana Conference of the United Methodist Church
Safeguarding the Financial Assets of Your Church Indiana Conference of the United Methodist Church July 2012 Safeguarding the Financial Assets of Your Church Indiana Conference of the United Methodist
More informationSummer 2017 LEXINGTON ONE SCHOOL DISTRICT
Summer 2017 LEXINGTON ONE SCHOOL DISTRICT General information Financial policies and controls Fundraising Reporting Learning from the past District policies and procedures Q&A NOTE: This presentation is
More informationMiddlebury Institute of International Studies Identity Theft Prevention Program
Middlebury Institute of International Studies Identity Theft Prevention Program I. PROGRAM ADOPTION Middlebury Institute of International Studies, hereafter referred to as the Institute, has developed
More informationLOGIS Code of Business Conduct and Ethics
LOGIS Code of Business Conduct and Ethics A. Scope This Code of Business Conduct and Ethics applies to all LOGIS directors, officers and employees, as well as to directors, officers and employees of each
More informationPresented by: Michael Moreau, CFE, CIA, CFSA Manager, Credit Union Group Macpage LLC
Presented by: Michael Moreau, CFE, CIA, CFSA Manager, Credit Union Group Macpage LLC mpm@macpage.com 978-760-0195 Capability Diamond Capability can they do it? Necessary position and authority Sufficient
More informationChristopher Newport University. Policy: Red Flag Identity Theft Identification and Prevention Program Policy Number: 3030
Christopher Newport University Policy: Red Flag Identity Theft Identification and Prevention Program Policy Number: 3030 Executive Oversight: Executive Vice President Contact Office: Comptroller s Office
More informationThe 2015 Hiscox Embezzlement Watchlist: A Snapshot of Employee Theft in the US
The 2015 Hiscox Embezzlement Watchlist: A Snapshot of Employee Theft in the US CONTENTS Introduction...1 The At-Risk Organization...2 Common Themes, Common Schemes...3 Industries in Focus...4 The Employee,
More informationCode of Conduct. This Code of Conduct covers all associates. When appropriate, it also covers all members of the Company's Board of Directors.
Code of Conduct This Code of Conduct has been adopted for the purpose of ensuring that the Company's "Associates" (Officers and Employees) conduct themselves and operate the Company's business in accordance
More informationFraud/Not Fraud. The University of Texas Approach. 13 th Annual Fraud Summit. March 23, 2018
Fraud/Not Fraud The University of Texas Approach 13 th Annual Fraud Summit Benefitting the UT Dallas Center for Internal Auditing Excellence March 23, 2018 Agenda Definitions Collaboration and Coordination
More information