Preventing Fraud in Nonprofit Organizations

Name: Preventing Fraud in Nonprofit Organizations
Author: EJ McMillan

Paperback Engels 2006 9780471733430

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Samenvatting

IS YOUR NONPROFIT VULNERABLE TO FRAUD?

Fraud or embezzlement discovered within a major corporation ultimately leads to front–page scandals and a few raised eyebrows. But the mere suggestion or evidence of fraud within a nonprofit can cause irreversible damage to its reputation, its support base, and, eventually, its very existence. Preventing Fraud in Nonprofit Organizations is the proactive manual your organization needs to detect fraud and prevent it from affecting your organization′s bottom line and name. Brimming with details of hundreds of actual fraud and embezzlement schemes, it provides specific, practical advice on strengthening the areas in which your nonprofit may be most vulnerable.

This hands–on guide shows nonprofit accountants, CFOs, financial consultants, board members, and managers how to:

∗ Know the four consistent areas of high risk

∗ Thoroughly evaluate their organization′s system of internal controls

∗ Assemble a fraud examination team

∗ Document a fraud action plan

∗ Expose weaknesses that could lead to fraud

∗ Take corrective action to reduce the possibility of victimization

Fraud deterrence is not exclusive to large corporations. Recommended reading for nonprofit professionals, Preventing Fraud in Nonprofit Organizations will motivate executives to take a fresh and intensive look at their organization′s practices and act to protect from financial dishonesty.

Specificaties

ISBN13:9780471733430

Taal:Engels

Bindwijze:paperback

Aantal pagina's:240

Uitgever:John Wiley & Sons

Hoofdrubriek:Financieel management, Algemeen management

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Inhoudsopgave

About the Author ix
Acknowledgments xi
Preface xiii
Disclaimer xv
About the Companion Website xvii
Section 1 Not–For–Profit Organizations: Four Consistent Areas of High Risk Embezzlement: Who Does It and When 1
Not–For–Profit Specific Issues 1
Summary 4
The Perpetrators: Who They Are, Why They Do It, and How They Are Caught 4
The Embezzler s Window of Opportunity 9
Section 2 Statement of Auditing Standard No. 99 Consideration of Fraud in a Financial Statement Audit 13
Statement of Auditing Standard No. 99
 Consideration of Fraud in a Financial Statement Audit 13
Section 3 Essential Internal Control and Administrative Procedures to Avoid Embezzlement 23
The Background Check 23
Conditions of Employment Agreement 28
Conflicts of Interest 34
Nepotism 37
Whistleblowers 39
Noncompete Agreements 41
Confidentiality of Information 43
Bonding Issues 45
Signers on Bank Accounts 46
Two–Signature Checks 46
Lockbox 48
Positive Pay 49
Deposit Security and Restrictive Endorsements 50
Check Stock 52
Cash Transactions 53
Cash Register Issues 54
Insurance Committees 54
Computer File Backups 55
Check and Wire Transfer Signatures 56
Inventory Issues 58
Company Credit Cards 58
Lines of Credit 59
Bad Debt Policy 61
Internal Audits 63
Stop Payment Orders 64
Voiding Checks 66
Numbered Check Request Forms 68
Expense Accounts 70
CPA Management Letters 71
Random Disbursement Checks 73
CHECK 21 74
Section 4 Clever Examples of Embezzlement 77
Payroll Tax Deposits 77
Check Switching 82
Ghosts on the Payroll and Ghost Vendors 88
The Danger of Acronyms 94
Bank Account Reconciliations 95
Wire Transfers 96
Postage Issues 98
Kiting 100
Manual Checks (Handwritten and Typed) 101
Auditing Receipts 104
Section 5 Steps to Take If You Have Been Victimized by Fraud 105
Documenting a Fraud Action Plan 105
Fraud Examinations and Assembling the Fraud Team 109
The Basics of Forensic Accounting 113
Section 6 Internal Control Analysis, Documentation, and Recommendations for Improvement 121
Internal Control Analysis, Documentation, and Recommendations for Improvement 121
Fraud Glossary 197
Index 217