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Inventory, purchasing, and cash disbursements are common targets for fraud in any entity’s environment. While business owners and managers have heard by now that internal controls seem to be very important, they often do not know whether the entity’s system is adequate. While accountants instinctively know that internal controls are important and necessary, it is sometimes difficult to effectively communicate this with business owners. This course focuses on common frauds and internal controls over the purchasing (including inventory) and cash disbursements processes. Special attention is given to smaller entities where cost/benefit analysis is extremely important. The course shows how to efficiently analyze controls to ensure you’re getting the “biggest bang for your buck” when considering a control to implement and/or test.
Advanced Preparation: None