Asset Misappropriation- Let Me Count the Ways?
Tuesday, May 26, 2020
According to the ACFE's 2018 Report to the Nations On Occupational Fraud and Abuse, there are three categories of fraud: Corruption; Asset Misappropriation and Financial Statement Fraud. The cumulative losses due to asset misappropriation dwarfs the losses resulting from corruption and financial statement frauds combined. And the asset the fraudster likes to steal most often ..CASH! Management knows what the fraudster wants and then provides them with the opportunity through weak internal controls to steal it; often without them even being aware of it until it's too late.
The purpose of this presentation is to discuss some of the more common ways assets are stolen and why, the indicators of asset theft, how to detect it and most importantly, how to prevent it.
Implementing the perception of detection
Establishing and maintaining a positive tone at the top
Describe the concept of materiality both quantitatively and qualitatively
Building on one's professional skepticism
Preventing check fraud - not yours... but your clients