Controlling the Risk of Asset Misappropriation

 

 

CPE Credit: 16
Course Level: Overview
Prerequisite: None

Asset misappropriations pose a risk to all organizations. According to the ACFE's 2014 Report to the Nations, these schemes are by far the most common form of occupational fraud, occurring in 85% of cases reported and resulting in a median loss of $130,000. By identifying areas of vulnerability and implementing targeted preventive and detective measures, anti-fraud professionals can reduce the potential impact of these threats on their organizations.

Learn how to stay a step ahead of the most common form of employee fraud with the ACFE's two-day seminar, Controlling the Risk of Asset Misappropriation. This training course will help you assess your organization’s risk of asset misappropriation and will provide best practices for deterring and identifying the costly theft or misuse of company resources.

 

Upcoming Courses 

Chicago, IL | April 20-21, 2015 

Seattle, WA | October 19-20, 2015

 

You Will Learn How To:  

Identify common asset misappropriation schemes, including skimming, billing schemes and information theft

Assess entity-wide fraud risks, including how your organizational culture affects the threat of asset misappropriation

Assess the process-level fraud risks in the cash receipts, cash disbursements, payroll and other functions

Establish effective internal controls to mitigate the risk of asset misappropriation schemes

Respond to an asset misappropriation scheme that has been identified


Who Should Attend:  

Internal and external auditors

Forensic accountants

Controllers, CPAs and other accounting professionals

Certified Fraud Examiners and other anti-fraud professionals 

Fees*  

Members: $695
Non-Members: $845

 

CPE Credit 

16 

 

Field of Study

Auditing

 

Course Level
Overview

Prerequisite
None 


Advanced Preparation 

None

 

Delivery Method 

Group-Live
  

  Day One  
7:30-8:00 a.m.   Registration & Continental Breakfast   
8:00-9:20 a.m. 

Introduction 

In this session, you will learn what asset misappropriation schemes are, explore why individuals misappropriate their employers’ assets and discuss common characteristics of employees who undertake these schemes.

9:20-9:35 a.m.  Break 
9:35-10:55 a.m. 

Conducting a Fraud Risk Assessment 

The first step in addressing the risk of asset misappropriation is to assess the factors that increase this risk. This session explores how a formal fraud risk assessment can help identify and prioritize the areas at greatest risk for asset misappropriation schemes.

10:55-11:10 a.m.  Break  
11:10 a.m.-12:30 p.m. 

Assessing the Culture and Addressing Entity-Wide Risks 

An adequate understanding of the company culture and entity-wide risks is a necessary foundation for interpreting the fraud-related risks and controls present in different business processes. In this session, you’ll discuss how the organization’s operating circumstances, organizational structure, ethical tone, management team and other entity-wide factors affect the risk of asset misappropriation.

12:30-1:30 p.m.  Group Lunch  
1:30-2:50 p.m. 

Controlling Risks in Sales and Accounts Receivable 

The areas where cash enters a company—through sales and collection of customer payments—are particularly susceptible to misappropriation schemes. This session will discuss the ways that fraudsters manipulate these functions and the controls that can help prevent and detect such schemes.

2:50-3:05 p.m.  Break  
3:05-4:25 p.m.  

Controlling Risks in Cash Disbursements 

Organizations make payments for many reasons and through many means, all of which are at risk of being misappropriated by dishonest employees. Learn about how disbursements in the form of checks, electronic payments and expense reimbursements are misappropriated and the mechanisms management can employ to protect against these manipulations.

 

 

  Day Two 
7:30-8:00 a.m.   Continental Breakfast   
8:00-9:20 a.m. 

Controlling Risks in Purchasing and Accounts Payable 

Misappropriation schemes that involve manipulation of vendor purchases and payments can be particularly costly for organizations. In this session, you will discuss schemes that attack these functions, such as shell company schemes and personal purchases schemes, as well as preventive and detective controls designed to guard against them.

9:20-9:35 a.m.  Break  
9:35-10:55 a.m. 

Controlling Risks in Payroll and HR 

All organizations that have paid employees also have the risk of misappropriation in the payroll function. Learn about common ways employees manipulate their paychecks and mechanisms that can be used to prevent and detect these schemes.

10:55-11:10 a.m.  Break  
11:10 a.m.-12:30 p.m. 

Controlling Risks Related to Physical Assets 

The vast majority of asset misappropriation schemes involve cash, but other assets can be stolen as well. Inventory, supplies and fixed assets are commonly targeted for misappropriation or misuse, and these schemes can be extremely costly. During this session, you will explore the different ways employees misappropriate physical assets, and you will learn how organizations can safeguard these assets from the hands of potential fraudsters.

12:30-1:30 p.m.  Group Lunch  
1:30-2:50 p.m. 

Controlling Risks Related to Intangible Assets 

Any valuable information that an organization collects, creates, develops or stores can be susceptible to theft or misappropriation. Such information includes intellectual property and trade secrets, as well as the personally identifiable information of customers and employees that is housed in databases. In this session, you will learn about how these assets can be misappropriated, as well as security measures that can prevent and detect such unauthorized access to and use of proprietary information.

2:50-3:05 p.m.  Break  
3:05-4:25 p.m.  

Responding to Identified Asset Misappropriation Schemes 

Effectively combatting asset misappropriation schemes includes instituting formal processes and procedures for investigating and remediating any identified misappropriations, and for providing swift and appropriate punishment to identified perpetrators. This session outlines procedures for planning and undertaking a fraud examination and for reporting and responding to the findings of the investigation.

Event Cancellation Policy 

Our cancellation policy is intended to keep costs low for attendees. Due to financial obligations incurred by ACFE, Inc. you must cancel your registration prior to the start of the event. Cancellations received less than 14 calendar days prior to an event start date are subject to a $100 administrative fee. No refunds or credits will be given for cancellations received on or after the start date of the event. Those who do not cancel and do not attend are responsible for the full registration fee.

 

Satisfaction Guarantee 

ACFE seminars are unmatched in scope and effectiveness and backed by our unconditional satisfaction guarantee. If you attend an ACFE event and are not completely satisfied, please contact an ACFE Member Services Representative at MemberServices@ACFE.com or call (800) 245-3321 / +1 (512) 478-9000.

 

NASBA CPEThe Association of Certified Fraud Examiners, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org 
 

 

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