Risky Business
An issue that could impair the ability of the organization to achieve its objectives
What is Risk?
This is when you should be prepared for an audit
What is always?
Any intentional act to deprive another of property or money by deception.
What is fraud?
ICQ
What is Internal Control Questionnaire?
These should be provided when cash is received
What are receipts?
These controls provide evidence that a loss has occurred - after the fact
What are Detective controls?
The use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets.
What is occupational fraud?
CIA
Certified Internal Auditor
A record of all the transactions a firm has carried out over a specific period showing the activity from beginning to end
What is an audit trail?
A type of control that attempts to deter or stop undesirable events from occurring
What are Preventive Controls?
Personal debt is an example of this side of the Fraud Triangle
What is pressure or motive?
CFE
Certified Fraud Examiner
Steps taken to obtain reasonable assurance that objectives are achieved
What are Internal controls?
According to this control, no single individual should have authority over two or more phases of a transaction
What is Segregation of Duties?
I'm underpaid is an example of this side of the Fraud Triangle?
What is rationalization
CPA
What is a Certified Public Accountant?
Determines areas of potential risks before an audit occurs
What is a risk assessment?
Trust but ___________
What is verify?
Lack of or circumvention of internal controls are examples of this side of the Fraud Triangle.
What is opportunity?
CSA
What is the California State Auditor?