White Collar Crime. UWF Employee Symposium Betsy Bowers, Associate Vice President Internal Auditing. Overview. Fraud Triangle Cash Handling Red Flags of Fraud PCard Responsibilities.
White Collar Crime
UWF Employee Symposium
Betsy Bowers, Associate Vice President
Red Flags of Fraud
Special Thanks to the Association of College & University Auditors [ACUA] member institutions for aspects of this presentation.
All Frauds have these three (3) elements:
Source: Dr. Donald R. Cressey
Whether you collect lots of money or…
……you collect “pennies”…
……..the principles ofgood cash handlingare basically the same.
It’s not just “cash”. Cash includes the following forms of money:
Remember –In the cash collecting process,YOUare just as important as the cash…
The controls (rules) that we will discuss are designed to protect both YOU and the cash you are handling.
Upon approval, Departmental cash handling supervisor develops a plan:
If this is occurring due to lack of staffing, compensating controls such as management oversight and review should be established and used.
“Now that we have collected the $$$$$$, what do we do with it?”
Segregation of Duties
This is the most important control in the cash collection process, and often, the most difficult to manage. A different person should be involved in each step: recording of charges/billing, cash collecting, cash depositing, reconciliation, and management review.
Let’s talk about how to manage segregation of duties.......
Model – Segregation of the Duties related to cash handling
Contact Financial Services to discuss options
Post to Ledger
If you have responsibility for taking the money deposits to the Cashier’s Office, Bldg 20Eastplease use good common sense.
If you have the responsibility for cash equivalents such as parking permits, event tickets, stamps or gift cards, remember that they must be treated as if they are cash:
Red Flags 101
What about Ethics in today’s workforce?
Source: Junior Achievement and Deloitte Ethics Surveys
What are Fraud Red Flags?
Indicators of Possible Fraud
UWF Policy P-10.00-10/04 “Policy Against Fraudulent or Wrongful Acts”says:
Credit card theft is a much larger menace than Identity Theft because it is an easier crime to commit and affects many more. The growing global reliance on plastic in merchant transactions and especially on the Internet is leading to a natural growth in fraud.
~Michelle J. Holland, CFE
The Cardholder or Managers are responsible for immediatelycontacting ALL of the following:
Risks range from simple mistakes to "avoidance" of the UWF's procurement policies to misuse, and can include:
If I'm an Account or Business Manager, how can I look out for issues?
Importance of Responsibilities: Managers can
The PCard cannot be used to purchase the following: