Fraud And Internal Controls Linked In April 2011

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Fraud Awareness presentation applicable to managers, executives, employees, internal auditors and CPAs

Published in: Economy & Finance, Business

Fraud And Internal Controls Linked In April 2011

  1. 1. Fraud and Internal Controls: Fraud Prevention, Detection and Incident Handling <ul><li>John J. Hall, CPA </li></ul><ul><li>Hall Consulting, Inc. </li></ul><ul><li>[email_address] </li></ul>
  2. 2. Are Business Entities Inherently Susceptible to Control Breakdowns? <ul><li>All controls break down over time </li></ul><ul><li>Inadequate segregation </li></ul><ul><li>Limited resources </li></ul><ul><li>Thin control capability </li></ul><ul><li>Skill levels may not match needs </li></ul><ul><li>Service focus </li></ul><ul><li>Politics and personalities </li></ul><ul><li>High level override is fairly easy </li></ul>
  3. 3. Where Our Issues Overlap
  4. 4. Prevention/Deterrence Prompt Detection Effective Response FRAUD RISK MANAGEMENT
  5. 5. <ul><li>Risk </li></ul><ul><li>When Managed </li></ul><ul><li>Creates Value </li></ul>
  6. 6. Risk Management <ul><li>Improve performance by </li></ul><ul><li>acknowledging and controlling risks </li></ul><ul><li>Solutions to protect and conserve </li></ul><ul><li>the organization’s resources </li></ul>
  7. 7. Example Risk Universe <ul><li>Financial </li></ul><ul><li>Operations </li></ul><ul><li>Strategic </li></ul><ul><li>Knowledge </li></ul>
  8. 8. Preventing Fraud: Assessing the Fraud Risk Management Capabilities of Today’s Largest Organizations www.protiviti.com
  9. 9. Protiviti Preventing Fraud Report <ul><li>Organizations are at different maturity points in their capabilities to evaluate, mitigate and monitor fraud risk. </li></ul><ul><li>Organizations are struggling to understand what Fraud Risk Management means in the context of their daily operations. </li></ul><ul><li>Education and awareness are critical issues that need greater attention in order to successfully manage fraud risk. </li></ul>
  10. 10. Example Risk Universe <ul><li>Financial </li></ul><ul><li>Operations </li></ul><ul><li>Strategic </li></ul><ul><li>Knowledge </li></ul><ul><li>Fraud </li></ul>
  11. 11. Fraud Risk Management <ul><li>Improve performance by </li></ul><ul><li>acknowledging and controlling fraud risks </li></ul><ul><li>Solutions to protect and conserve </li></ul><ul><li>the organization’s resources </li></ul><ul><li>from fraud exposures </li></ul>
  12. 12. Fraud Risk Management Includes: <ul><li>Theft </li></ul><ul><li>Diversion </li></ul><ul><li>Misconduct </li></ul><ul><li>Deception </li></ul><ul><li>Wrongdoing </li></ul><ul><li>Misappropriation </li></ul><ul><li>Irregularities </li></ul><ul><li>Criminal Acts </li></ul><ul><li>Other Similar Actions </li></ul>Impact: <ul><li>Financial Loss </li></ul><ul><li>Cost of Investigation </li></ul><ul><li>Reputation </li></ul><ul><li>Damaged Relationships </li></ul><ul><li>Negative Publicity </li></ul><ul><li>Loss of Employees </li></ul><ul><li>Loss of Customers </li></ul><ul><li>Litigation </li></ul><ul><li>Damaged Employee </li></ul><ul><li>Morale </li></ul>
  13. 13. What do we mean by Fraud ?
  14. 14. Fraud Defined Managing the Business Risk of Fraud: A Practical Guide <ul><li>Fraud </li></ul><ul><li>is any intentional act or omission </li></ul><ul><li>designed to deceive others, </li></ul><ul><li>resulting in the victim suffering a loss </li></ul><ul><li>and/or </li></ul><ul><li>the perpetrator achieving a gain. </li></ul>
  15. 15. Error versus Intent to Deceive
  16. 16. Key Elements <ul><li>Clandestine </li></ul><ul><li>Violates the perpetrator’s fiduciary duties to the victim organization </li></ul><ul><li>Committed for the purpose of direct or indirect financial benefit </li></ul><ul><li>Costs the organization assets, revenue or reserves </li></ul>
  17. 17. Three Categories Misappropriation Manipulated Results Corruption
  18. 18. Corruption <ul><li>Using influence in a transaction to obtain unauthorized benefit contrary to the person’s duty to the employer </li></ul><ul><li>Usually perpetrated by management, but often involves collusion among internal and external parties </li></ul>SHADOW DEALS
  19. 19. Corruption Examples <ul><li>Accepting or paying a bribe </li></ul><ul><li>Engaging in a business transaction where there is an undisclosed conflict of interest </li></ul><ul><li>Extortion </li></ul>
  20. 20. <ul><li>MACRO </li></ul><ul><li>micro </li></ul><ul><li>systemic </li></ul>How Big?
  21. 21. MACRO Fraud Risks <ul><li>Actions by leaders / abuse </li></ul><ul><li>Miss-use of restricted funds </li></ul><ul><li>Lies in financial or program results </li></ul><ul><li>Form 990 and other tax information </li></ul><ul><li>Actions that damage reputation </li></ul>
  22. 22. MICRO Fraud Risks <ul><li>Embezzlement </li></ul><ul><li>Receipts diversion/lapping </li></ul><ul><li>Information technology </li></ul><ul><li>Misuse of data </li></ul><ul><li>Equipment </li></ul><ul><li>Vendor schemes </li></ul>
  23. 23. SYSTEMIC Fraud Risks <ul><li>Expense reimbursement </li></ul><ul><li>Fund raising assets </li></ul><ul><li>Gift cards and travelers checks </li></ul><ul><li>Payroll and benefits </li></ul><ul><li>P-cards and debit cards </li></ul><ul><li>Shared credit cards </li></ul>
  24. 24. Is it Wrong to Commit Fraud? ATTITUDE
  25. 25. DISCUSSION <ul><li>What keeps honest people honest? </li></ul><ul><ul><ul><ul><ul><li>Beliefs, perceptions, attitudes </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Culture </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Fear </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>No need </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>No opportunity </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Inadequate opportunity </li></ul></ul></ul></ul></ul>
  26. 26. Three Cases – Four Attitudes <ul><li>The activity was within reasonable ethical and legal limits – that is, not “really” illegal or immoral. </li></ul><ul><li>The activity is within the individual’s or organization’s best interest – that the individual would be expected to undertake the activity. </li></ul>
  27. 27. Three Cases – Four Attitudes <ul><li>The activity is “safe” as it will never be found out or publicized – the classic crime and punishment issue of discovery. </li></ul><ul><li>Because the activity helps the organization, the organization will condone it and even protect the person who engages in it. </li></ul>
  28. 28. Single Largest Deterrent <ul><li>Belief you will be </li></ul><ul><li>caught… </li></ul><ul><li>and punished </li></ul>
  29. 29. DISCUSSION <ul><li>Therefore, why do some steal? </li></ul><ul><li> CHANGE IN: </li></ul><ul><ul><ul><ul><ul><li>Beliefs, perceptions, attitudes </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Culture </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Fear </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>No need </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>No opportunity </li></ul></ul></ul></ul></ul><ul><ul><ul><ul><ul><li>Inadequate opportunity </li></ul></ul></ul></ul></ul>
  30. 30. Let’s Agree <ul><li>Who commits fraud, and why? </li></ul><ul><li>Situations Change / </li></ul><ul><li>People Change </li></ul>
  31. 31. Let’s Agree <ul><li>Who commits fraud, and why? </li></ul><ul><li>And for some, </li></ul><ul><li>it’s just what they do! </li></ul><ul><li>Don’t let them in </li></ul><ul><li>If they are already in, find them ASAP and get them out </li></ul>
  32. 32. Completely Dishonest Completely Honest Pressure Attitude Opportunity Honesty Scale
  33. 33. The Fraud Triangle Opportunity Pressure Attitude
  34. 34. <ul><li>INCENTIVE OR PRESSURE : Inadequate compensation levels coupled with an attitude of indifference by management and/or members of governing bodies may create an incentive for employees to commit fraud </li></ul><ul><li>ATTITUDE : When employees are continually over-worked or asked to work out of class without additional compensation they may rationalize fraudulent acts as compensation for these additional hours or efforts </li></ul><ul><li>OPPORTUNITY : The lack of personnel or the lack of sufficiently qualified personnel is prevalent in administrative and/or accounting and finance functions in both government and not-for-profit organizations. </li></ul>
  35. 35. For Consideration <ul><li>“ Beating </li></ul><ul><li>the System” </li></ul>Largest threat comes from inside “the system”
  36. 36. Management Override Inherent “ Macro” Risk ???
  37. 37. <ul><li>Pause and ask, </li></ul><ul><li>“ What if they are trying </li></ul><ul><li>to fool me…” </li></ul>
  38. 38. Cold Hard Facts <ul><li>Most fraud is done by those we trust </li></ul><ul><li>Most will do it…under the right (or wrong) circumstances </li></ul><ul><li>Limited resources available to manage risks effectively </li></ul><ul><li>Knowledge level needed may not be available internally </li></ul>
  39. 39. 13 High Opportunity Areas <ul><li>Remote locations </li></ul><ul><li>Overseas locations </li></ul><ul><li>Areas not understood well by leaders </li></ul><ul><li>Costs allocated to other cost centers </li></ul><ul><li>New functions or systems </li></ul><ul><li>New products or services </li></ul><ul><li>Areas experiencing rapid growth </li></ul><ul><li>New technology </li></ul>
  40. 40. 13 High Opportunity Areas <ul><li>Locations or functions about to be closed or sold </li></ul><ul><li>Areas or locations with a history of problems or poor performance </li></ul><ul><li>Joint ventures or other similar arrangements </li></ul><ul><li>Records are kept by outsiders </li></ul><ul><li>Areas that are politically protected </li></ul>
  41. 41. SAS 99: Consideration of Fraud in a Financial Statement Audit <ul><li>Auditor Responsibilities: </li></ul><ul><li>“ The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether caused by fraud or error (AU sec. 110.02)” </li></ul>
  42. 42. SAS 99: Consideration of Fraud in a Financial Statement Audit <ul><li>Auditor Responsibilities: </li></ul><ul><li>“ This statement [SAS 99] established standards and provides guidance to auditors in fulfilling that responsibility, as it related to fraud, in an audit of financial statements conducted in accordance with generally accepted auditing standards (GAAS).” </li></ul>
  43. 43. SAS 99: Consideration of Fraud Required audit team brainstorming session
  44. 44. SAS 99: Consideration of Fraud Introduces “ Human Psychology” into the audit process
  45. 45. Professional Skepticism <ul><li>Attitude involving two aspects </li></ul><ul><li>Questioning mind </li></ul><ul><ul><li>recognize possibility of fraud </li></ul></ul><ul><ul><ul><li>set aside past experience and beliefs </li></ul></ul></ul><ul><ul><ul><li>despite beliefs re: integrity </li></ul></ul></ul><ul><li>Critical assessment of evidence </li></ul><ul><ul><li>not satisfied with less than persuasive evidence </li></ul></ul>
  46. 46. Lessons from Psychology <ul><li>We self-correct for information that does not fit our assumptions </li></ul><ul><li>Sources of assumptions </li></ul><ul><ul><li>Past history </li></ul></ul><ul><ul><li>Personal experience </li></ul></ul><ul><ul><li>Training and culture </li></ul></ul><ul><li>Our perceptions about those we audit probably are incomplete </li></ul><ul><li>“ Categories” allow us to quickly analyze data – sometimes incorrectly </li></ul>
  47. 47. SAS 99: Consideration of Fraud Commission Conversion Concealment
  48. 48. SAS 99: Consideration of Fraud Required Skills Communication Technology Forensic Accounting
  49. 49. <ul><li>Comprehensive </li></ul><ul><li>Fraud Risk </li></ul><ul><li>Management </li></ul><ul><li>Program </li></ul>
  50. 50. Fraud Risk Management Program <ul><li>Prevention and Deterrence </li></ul><ul><li>Early Detection </li></ul><ul><li>Effective Handling </li></ul>ORGANIZATIONS MUST BE PREPARED AT ALL THREE LEVELS
  51. 51. <ul><li>Level 1: </li></ul><ul><li>Deterrence </li></ul><ul><li>and </li></ul><ul><li>Prevention </li></ul>
  52. 52. 9 Suggestions <ul><li>Effective Governance and Oversight </li></ul><ul><li>Strong Control Procedures and Behaviors </li></ul><ul><li>Fraud Policy </li></ul><ul><li>Require Reporting </li></ul><ul><li>Fraud Skills Training </li></ul><ul><li>Hotline in Place and Trusted </li></ul><ul><li>Fraud Exposure Analysis </li></ul><ul><li>Be Ready to Respond </li></ul><ul><li>Culture of “Doubting” </li></ul>
  53. 53. Internal Controls <ul><li>Preventive </li></ul><ul><li>Detective </li></ul>Controls may be: Effective internal control often includes a combination of preventive and detective controls to achieve a specific control objective
  54. 54. COSO Control Framework
  55. 55. <ul><li>BALANCE </li></ul>Two Factors
  56. 56. HI LOW HI HARD CONTROLS SOFT CONTROLS
  57. 57. Internal Controls HARD CONTROLS Policies Procedures Systems Soft Controls Simply: The competence, attention and integrity of the people
  58. 58. Internal Controls A process designed to provide reasonable assurance regarding the achievement of objectives in the following categories: <ul><li>Effectiveness and efficiency of operations </li></ul><ul><li>Reliability of financial reporting </li></ul><ul><li>Compliance with laws and regulations </li></ul>
  59. 59. “ Business” Controls The processes designed to provide reasonable assurance regarding the achievement of business and operating objectives Effectiveness and efficiency of operations Measures HDWK
  60. 60. Managing the Business Risk of Fraud: A Practical Guide July 7, 2008
  61. 61. Key Points <ul><li>Suitable fraud risk management oversight and expectations exist (governance) – Principle 1 </li></ul><ul><li>Fraud exposures are identified and evaluated (risk assessment) – Principle 2 </li></ul><ul><li>Appropriate processes and procedures are in place to manage these exposures (prevention and detection) – Principles 3 & 4 </li></ul><ul><li>Fraud allegations are addressed, and appropriate corrective action is taken in a timely manner (investigation and corrective action) – Principle 5 </li></ul>
  62. 62. Fraud Risk Assessment: Key Elements <ul><li>How might a fraud perpetrator exploit weaknesses in the system of controls? </li></ul><ul><li>How could a perpetrator override or circumvent controls? </li></ul><ul><li>What could a perpetrator do to conceal the fraud? </li></ul>
  63. 63. <ul><li>Level 2: </li></ul><ul><li>Early Detection </li></ul>
  64. 64. How Fraud is Detected <ul><li>Normal internal controls </li></ul><ul><li>Managers and employees paying attention </li></ul><ul><li>Internal auditors </li></ul><ul><li>“ Whistle Blower” </li></ul><ul><li>Change of management </li></ul><ul><li>Anonymous tip-off </li></ul><ul><li>External audit </li></ul><ul><li>Other </li></ul>
  65. 65. Fraud Detection Steps <ul><li>Think like a thief </li></ul><ul><li>Use discovery techniques aggressively </li></ul><ul><ul><li>Discovery testing </li></ul></ul><ul><ul><li>Interviews </li></ul></ul><ul><ul><li>Monitoring </li></ul></ul><ul><li>Determine the cause of all fraud indicators surfaced </li></ul>
  66. 66. <ul><li>PLAN with the </li></ul><ul><li>PRESUMPTION </li></ul><ul><li>That a Fraud Incident </li></ul><ul><li>Has Occurred </li></ul>
  67. 67. Comprehensive Fraud Exposure Analysis <ul><ul><ul><li>By functional area </li></ul></ul></ul><ul><ul><ul><li>By position </li></ul></ul></ul><ul><ul><ul><li>By relationship </li></ul></ul></ul><ul><li>End Result: Fraud Risk Inventory </li></ul>
  68. 68. Creation of a Fraud Risk Inventory <ul><li>What could go wrong? </li></ul><ul><li>What has happened in the past? </li></ul><ul><li>Can we prevent it? </li></ul><ul><li>Can we catch it right away? </li></ul><ul><li>Can we handle it? </li></ul>
  69. 69. FRAUD RISKS <ul><li>Cash </li></ul><ul><li>Disbursements </li></ul>
  70. 70. FRAUD RISKS <ul><li>THINGS WE KNOW ABOUT </li></ul><ul><li>Cash Disbursements - </li></ul><ul><li>Fake Vendor </li></ul><ul><li>Contractor Overcharges </li></ul><ul><li>Inflate hours on time cards </li></ul><ul><li>Travel expenses </li></ul><ul><li>Others… </li></ul><ul><li>THINGS WE DON’T KNOW ABOUT </li></ul>
  71. 71. FRAUD RISKS <ul><li>Cash Disbursements </li></ul><ul><li>“ Fake Vendor Scheme” </li></ul>
  72. 72. Detection Prevention Indicator Fraud Risk <ul><li>Independent verification of all first time payments </li></ul><ul><li>Periodic verification of “little known” suppliers </li></ul><ul><li>Focus on service providers </li></ul><ul><li>Verify receipt of goods or services prior to payment </li></ul><ul><li>Use purchase orders </li></ul><ul><li>Segregate duties </li></ul><ul><li>Build in duplication </li></ul><ul><li>Limit access </li></ul><ul><li>Reconcile all bank accounts immediately upon receipt of the bank statement </li></ul><ul><li>Examine all cancelled checks </li></ul><ul><li>Periodically review all vendors and contractors for existence and legitimacy </li></ul><ul><li>REVIEW ALL MONTH END TRANSACTION REPORTS 100% </li></ul><ul><li>“ Positive Pay” </li></ul><ul><li>Use Computer Data Mining Techniques to Surface Fraud Indicators </li></ul><ul><li>Cash Disbursements – Fake Vendor: </li></ul><ul><li>Fake documents are introduced into the payments system, </li></ul><ul><li>The invoice is from a “consultant” for “services rendered” </li></ul><ul><li>Approval signatures are forged </li></ul><ul><li>Funds are disbursed by check, </li></ul><ul><li>The check is deposited into the personal checking account of a volunteer </li></ul><ul><li>The transaction is charged to Consulting Expenses in the accounting system </li></ul><ul><li>Generic looking invoice </li></ul><ul><li>Unknown vendor / contractor </li></ul><ul><li>Address: </li></ul><ul><ul><li>Same as employee or volunteer </li></ul></ul><ul><ul><li>PO Box </li></ul></ul><ul><ul><li>Mailboxes, Etc. </li></ul></ul><ul><ul><li>Prison… </li></ul></ul><ul><ul><li>“ Hold check for pickup” </li></ul></ul><ul><li>No phone number on invoice </li></ul><ul><li>Unknown charges on cost center reports </li></ul><ul><li>Check: </li></ul><ul><ul><li>Clears too fast </li></ul></ul><ul><ul><li>Funny endorsements </li></ul></ul><ul><ul><li>Geography </li></ul></ul>
  73. 73. Control to Detect Control To Prevent Indicator Fraud Risk <ul><li>Audit Program Steps </li></ul><ul><li>Look for indicators </li></ul><ul><li>Test prevention control </li></ul><ul><li>Test detection control </li></ul>NATURE, TIMING and EXTENT of AUDIT PROCEDURES <ul><li>Cash </li></ul><ul><li>Disbursements </li></ul><ul><li>– Fake Vendor: </li></ul><ul><li>Fake documents are introduced into the payments system, </li></ul><ul><li>The invoice is from a “consultant” for “services rendered” </li></ul><ul><li>Approval signatures are forged </li></ul><ul><li>Generic looking invoice </li></ul><ul><li>Unknown vendor / contractor </li></ul><ul><li>Address: </li></ul><ul><ul><li>Same as employee or volunteer </li></ul></ul><ul><ul><li>PO Box </li></ul></ul><ul><ul><li>Mailboxes, Etc. </li></ul></ul><ul><ul><li>Prison… </li></ul></ul><ul><ul><li>“ Hold check for pickup” </li></ul></ul><ul><li>No phone number on invoice </li></ul><ul><li>Independent verification of all first time payments </li></ul><ul><li>Periodic verification of “little known” suppliers </li></ul><ul><li>Focus on service providers </li></ul><ul><li>Verify receipt of goods or services prior to payment </li></ul><ul><li>Use purchase orders </li></ul><ul><li>Segregate duties </li></ul><ul><li>Build in duplication </li></ul><ul><li>Limit access </li></ul><ul><li>Reconcile all bank accounts immediately upon receipt of the bank statement </li></ul><ul><li>Examine all cancelled checks </li></ul><ul><li>Periodically review all vendors and contractors for existence and legitimacy </li></ul><ul><li>REVIEW ALL MONTH END TRANSACTION REPORTS 100% </li></ul><ul><li>“ Positive Pay” </li></ul>
  74. 74. Detection Indicator Fraud Risk: Cash Disbursements – Fake Vendor Scheme <ul><li>Reconcile all bank accounts immediately upon receipt of the bank statement </li></ul><ul><li>Examine all cancelled checks </li></ul><ul><li>Periodically review all vendors and contractors for existence and legitimacy </li></ul><ul><li>REVIEW ALL MONTH END TRANSACTION REPORTS 100% </li></ul><ul><li>“ Positive Pay” </li></ul><ul><li>Use Computer Data Mining Techniques to Surface Fraud Indicators </li></ul><ul><li>Generic looking invoice </li></ul><ul><li>Unknown vendor / contractor </li></ul><ul><li>Address: </li></ul><ul><ul><li>Same as employee or volunteer </li></ul></ul><ul><ul><li>PO Box </li></ul></ul><ul><ul><li>Mailboxes, Etc. </li></ul></ul><ul><ul><li>Prison… </li></ul></ul><ul><ul><li>“ Hold check for pickup” </li></ul></ul><ul><li>No phone number on invoice </li></ul><ul><li>Unknown charges on cost center reports </li></ul><ul><li>Check: </li></ul><ul><ul><li>Clears too fast </li></ul></ul><ul><ul><li>Funny endorsements </li></ul></ul><ul><ul><li>Geography </li></ul></ul>
  75. 75. Detection Controls Prevention Controls Indicator Fraud Risk HARD CONTROLS Soft Controls
  76. 76. Fraud Controls <ul><li>HARD CONTROLS </li></ul><ul><li>Soft Controls </li></ul><ul><li>Simply: The competence, attention and </li></ul><ul><li>integrity of the people </li></ul>Policies Procedures Systems
  77. 77. <ul><li>Monitoring </li></ul>
  78. 78. <ul><li>Level 3: </li></ul><ul><li>Effective </li></ul><ul><li>Handling </li></ul>
  79. 79. Effective Fraud Handling <ul><li>Response mechanism </li></ul><ul><li>Investigation </li></ul><ul><li>Loss recovery </li></ul><ul><li>Control weaknesses </li></ul><ul><li>External authorities </li></ul><ul><li>Publicity </li></ul><ul><li>Morale and HR concerns </li></ul>
  80. 80. Investigative Resources <ul><li>Experienced investigators </li></ul><ul><li>Forensic accounting </li></ul><ul><li>Computer forensics specialists </li></ul><ul><li>Others </li></ul>
  81. 81. Override / Collusion Shadow Deals Time SPECIAL CHALLENGES
  82. 82. <ul><li>So, what should </li></ul><ul><li>YOU do??? </li></ul><ul><ul><ul><li>Acknowledge Expectations </li></ul></ul></ul><ul><ul><ul><li>Examine Skills </li></ul></ul></ul><ul><ul><ul><li>Identify Gaps </li></ul></ul></ul><ul><ul><ul><li>Act to Fill the Gaps </li></ul></ul></ul>
  83. 83. … Last Thoughts <ul><li>Think like a thief </li></ul><ul><li>Teach others what they need to know to be effective </li></ul><ul><li>Look for fraud indicators. Design and perform discovery based steps </li></ul><ul><li>When in doubt, doubt </li></ul><ul><li>Follow up / formally refer all suspicions </li></ul>
  84. 84. <ul><li>BALANCE </li></ul>
  85. 85. <ul><li>John J. Hall, CPA </li></ul><ul><li>PO Box 850 </li></ul><ul><li>Vail, CO 81658 </li></ul><ul><li>Cell: (312) 560-9931 </li></ul><ul><li>www.hallconsulting.biz </li></ul><ul><li>jhall @ hallconsulting.biz </li></ul>Further Questions or Comments??

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