Combat Fraud with Effective Internal Controls

Fraud remains one of the most costly and preventable risks facing organizations of all sizes. Weak or poorly designed internal controls create opportunities for theft, misappropriation, and financial statement manipulation—often going unnoticed until significant losses occur. This course provides accounting, tax, and financial professionals with a practical framework for understanding, designing, and strengthening internal controls to reduce fraud risk.

Led by Susan Harper, Certified Fraud Examiner and retired IRS Internal Revenue Agent, this course examines the essential role internal controls play in safeguarding assets and maintaining operational integrity. Participants will explore why controls are necessary, who is responsible for their implementation and oversight, and where breakdowns commonly occur. The course also analyzes fraud schemes, recurring fraud patterns, and targeted prevention strategies across key business functions such as payroll, purchasing, and cash receipts. Real-world case studies highlight how effective controls—and vigilant monitoring—can dramatically reduce exposure to fraud.

Who Should Attend
This course is designed for professionals responsible for protecting organizational assets, maintaining financial integrity, and advising clients on fraud risk management.

Topics Covered

• Internal controls defined and control objectives
• Why internal controls are necessary and who is responsible
• Common internal control breakdowns
• Overview of fraud and types of occupational fraud
• Consistent patterns and red flags in fraud cases
• Fraud prevention tips by business function
• Preventive, detective, and corrective control strategies
• Internal control examples to mitigate fraud risk
• Case studies and practical applications

Learning Objectives

• Identify internal controls, their purpose, and the parties responsible for implementing them
• Apply practical methods to implement and monitor internal controls within an organization
• Evaluate common causes of internal control breakdowns
• Differentiate major types of fraud affecting organizations
• Recognize recurring patterns and red flags present in fraud cases
• Apply fraud prevention strategies across payroll, purchasing, cash receipts, and other risk areas
• Select appropriate internal controls to mitigate the risk of business fraud

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Business Management & Organization (2 hours)

Program Prerequisites
None

Advance Preparation
None