Fraud and Cash Receipts: Common Frauds and Internal Controls

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Instructor

Michael
Brand

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Michael Brand

Bio

Michael L. Brand, CPA, CGMA is currently an A & A partner in the firm of BMSS, LLC CPAs and Advisors. He received his B.S. in accounting from the University of North Alabama and has been in the practice of public accounting for over 30 years.

Known as a nationally acclaimed, accounting industry expert and speaker, Michael (Mike) has been involved in all aspects of public accounting, with an emphasis in providing accounting, auditing and review services to clients in the for-profit, nonprofits and governmental sectors.

He is also involved in various committees at both the state and national levels. He is a former member of the American Institute of CPAs (AICPA) Professional Ethics Executive Committee, is the past chair of the AICPA’s Accounting and Review Services Committee and the Alabama Society of CPA’s Peer Review Committee and is the current Chair for the ASCPA. Furthermore, Mike teaches continuing education classes across the country for state societies and individual firms and has received the AICPA’s Outstanding Discussion Leader Award multiple times along with the ASCPA’s Thomas A. Ratcliffe Outstanding Discussion Leader Award.

In addition to teaching, Mike regularly speaks at conferences nationwide and in various other countries. He conducts peer reviews across the United States and was formerly on the Peer Review Board, Joint Trial Board, and Quality Control Standards Task Force of the AICPA. He is the current co-chair of the Engage Conference (the AICPA’s largest conference held over multiple days with thousands of attendees).

Revenue and cash receipts are two critical areas that require strong controls to prevent intentional fraud or unintentional misstatements. While there is well-publicized fraud in these areas in larger companies, it also occurs in smaller businesses and not-for-profit entities. A sound system of internal controls is needed to help prevent fraud. All too often, a "one-size-fits-all" system is put in place without considering the uniqueness of each entity. It is crucial that an internal control system is tailored so that the areas of greatest risk receive the most attention.

Learning Objectives

Identify common frauds in the revenue and cash receipts processes. Identify internal controls that mitigate various risks. Recall an analysis process to improve efficient and effective risk management in your organization.

Major Topics

Traditional revenue system Retail revenue cycle Manufacturing revenue cycle Service revenue cycle Accounts receivable and billing Cash receipts Revenue frauds and fraudulent financial reporting

CPE Credits Available

4 CPE

4: Accounting & Auditing

Things to Know About This Course

Course Level

Basic

Professional Area of Focus

A & A

Prerequisites

None

Advanced Preparation

None

Intended Audience

Business owners, managers, supervisors, accountants and auditors