Prevention and Detection of Fraud In Small Businesses

Overview

As reported in the Association of Certified Fraud Examiners Occupational Fraud 2022: A Report to the Nations, on average, small businesses lose 5% of their revenue due to fraud. Can the average small business owner afford to lose 5% of their revenue due to fraud? I think not. This presentation is designed to illustrate the numerous ways employees commit fraud in small businesses, how to detect it, and most importantly, how to prevent it. Both auditors and small business owners would both benefit from this presentation.

Objectives

Identify the opportunities to commit fraud in a small business environment
Understanding how to address just four weaknesses could reduce the opportunity to commit fraud by an average of 75%
Observe behavioral red flags often exhibited by fraud perpetrators
Analyze the control environment
Recognize the number one internal control weakness that is often present in small businesses
Design effective internal controls to reduce material fraud in small businesses

Highlights

The importance of the control environment
The three most common behavioral red flags exhibited by perpetrators
Why it is much more cost effective to prevent fraud than it is to detect fraud
The reason why the small business owner/auditor should think about how they would steal
Who steals and why
Common myths about stealing that are not true
Understanding the concept of risk management

Designed For

External and internal auditor, fraud examiners

Prerequisites

None

Preparation

None

Notice

Your webinar can be accessed via https://ctcpas.acpen.com/Account/login https://ctcpas.acpen.com/. If you do not have an ACPEN account, please sign up for an account using the email address you have on file with CTCPA.

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Dennis Dycus

Leader Bios

Dennis Dycus

Dennis F. Dycus, CPA, CFE, CGFM, Trainer, Consultant, Public Speaker has recently retired after 39 years with the Office of the Comptroller of the Treasury of the State of Tennessee as the Director of the Division of Municipal Audit where I was responsible for the audits of all local governments in Tennessee, with the exception of counties and their affiliated, units as well as conducting investigations related to fraud, waste, and abuse in local governments. For the last several years he has developed and/or conducted training programs in all fifty states, Puerto Rico, Guam, Canada and Europe, for organizations such as the Association of Certified Fraud Examiners; the American Institute of Certified Public Accountants; numerous state CPA societies; the Government Finance Officers Association; the Association of Government Accountants; the National Association of State Auditors, Comptrollers and Treasurers; Westcott Communications, Inc.; Western CPE; Accounting Continuing Professional Education Network; the Organization for Security and Co-Operation in Europe; IBM; HCA; NYC Presbyterian Hospital; Saturn, Inc.; Chrysler; Securities and Exchange Commission; the U.S. Department of Labor; U.S. Environmental Protection Agency; the Government Accountability Office; U.S. Office of Management and Budget; the Internal Revenue Service; US Bankruptcy Trustees; Bisk Education, Inc.; Nichols Education, Inc.; Symbion, Inc.; numerous state audit organizations; local ACFE, AGA and state CPA chapters; and individual professional firms. He frequently speaks at colleges and universities as well as various professional conferences, both on a local and national level. Dennis is a member of the AICPA; TSCPA; GFOA; TGFOA; ACFE (charter member), Middle Tennessee Chapter ACFE –Past President, current President Emeritus; AGA; Middle Tennessee Chapter AGA – Past President and he has authored articles related to the detection and prevention of fraud for several national publications. He attended Western Kentucky University, with a BS in Accounting, Class of 1969 and in 1986 he graduated from the Tennessee Government Executive Institute (TGEI).

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