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Chapter 2

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  1. Chapter 2 Skimming

  2. Skimming Schemes Skimming Sales Receivables Refunds & Other Unrecorded Write-off Schemes Understated Lapping Schemes Unconcealed

  3. What is skimming? • “off-book” • audit trail? • Advantage?

  4. Asset Misappropriations*

  5. Median Loss of Cash Misappropriations*

  6. Frequency of Cash Misappropriations

  7. Dollar Loss Range for Skimming Schemes

  8. How is Cash Skimming Detected?? • For all cases? • For cash skimming?

  9. Who gets the most? • Employee? How Much? • Manager? How Much? • Owner? How much?

  10. Who do you think skims cash? • Manager? • Owner • Employee?

  11. What Size Companies are Victims? • Small? (1-99 employees) • Large? (10,000+ employees) • Why? • What kind of loss do they sustain? • Who has the biggest impact?

  12. Sales Skimming • What is it? • Types • Cash register manipulation • After hours sales • Off-site employees • Poor collection procedures • Understated Sales • Mailroom theft

  13. How can sales skimming be prevented & detected? • oversight • Perception important • video cameras • Utilize customers • Utilize cash register log • activity logs • Hiding places • Incoming mail

  14. What is Receivables Skimming?

  15. Receivables Skimming • Lapping • Force balancing • Stolen statements • Fraudulent write-offs or discounts” • Debiting the wrong account • Destroying or altering records of the transaction

  16. How Can Receivables Skimming be Prevented/Detected? • Breakdown in an organization’s controls • Accounting clues • Trend analysis • Audit tests