Fraud Risks and Effective Internal Controls
Date and Time: September 3, 2020 at 2 PM EST
Presented by: James Sullivan, JD, CFE, CIG; Managing Director, Forensic and Valuation Services
Description: Like other government agencies, Community Colleges face numerous fraud risks. Occupational fraud, or internal fraud, is committed under a variety of circumstances. Employees may try to circumvent rules, policies and controls to simply get the job done or to receive bonuses, recognition or promotions.
Employees may succumb to financial pressures and see an opportunity to use their position of trust to solve a financial problem with a low risk of getting caught. Vendors may take advantage of agency employees who are not fully versed in appropriate control activities.
This presentation will provide statistics detailing how government-sector fraud schemes are initially detected and the duration of various fraud schemes. Fraud risks facing organizations, including Community Colleges, will be discussed in detail.
The presentation will also discuss situations that lead people to commit fraud and behavioral red flags that may be exhibited by potentially unscrupulous employees. There will be a lengthy discussion of common fraud schemes encountered by the instructor and others in the field, especially those schemes most likely to effect colleges and university business processes, whether perpetrated by employees or vendors. Attendees will be asked to participate and discuss fraud-related issues they have encountered.
The presentation will present the five key elements of an effective internal control framework and, most importantly, practical and effective control activities will be detailed and discussed. Most often, an agency is judged by how it reacts to fraud incidents and an agency’s reaction can help protect an agencies reputation. The presenter will discuss the elements of an effective protocol for responding to fraud incidents that can be easily implemented within the agency.
1. Learn the variety of fraud risks facing their organization.
2. Learn how government-sector fraud is most often detected and the common red flags exhibited by perpetrators of fraud.
3. Learn the five key elements of an effective internal control framework.
4. Proven effective internal controls to reduce the risk of fraud.
5. Best practices for responding to an allegation of fraud in the agency.
CPE Availability: 1 hour
This event is part of the 2020 CCBO Business Partner Webinar Series.