2 CPE The Association of Certified Fraud Examiners (ACFE) has developed a fraud tree which categorizes types of fraud schemes into the following three primary areas:
- Corruption
- Asset Misappropriation
- Financial Statement (FS) Fraud
Previous courses have addressed corruption and asset misappropriation related to fraudulent disbursements and financial statement fraud. This course will address asset misappropriation – specifically cash on hand and cash receipts.
To identify how fraud can be mitigated, individuals must understand the types of fraud most prevalent to their business. Asset misappropriation is a scheme in which an employee steals or misuses the employing organization’s resources. For asset misappropriation – cash on hand and cash receipts - this course delves into various components that impact these categories.
Note: Information within this course comes from readily available public domain documents and is utilized by the trainer as a supplement for relaying the course content.
Learning Objectives
- Explore the types of asset misappropriation.
- Identify fraudulent schemes related to cash on hand.
- Explore fraudulent schemes for cash receipts including skimming, lapping, refund or discount skimming, short-term (ST) skimming.
- Recognize concealment procedures used for fraudulent cash receipts.
- Explore the cash larceny aspect of asset misappropriation.
Last updated/reviewed: March 14, 2024
Included In Certifications
This course is included in the following Certification Programs:
11 CoursesBusiness Fraud Identification and Prevention Certification
- Introduction to Forensic Accounting
- The Fraud Triangle
- Fraud: Focus on Corruption
- Fraud: Focus on Fraudulent Disbursements
- Fraud: Focus on Cash And Assets
- Fraud: Focus on Inventory
- Fraud: Focus on Financial Statement Fraud – Part One
- Fraud: Focus on Financial Statement Fraud – Part Two
- Fraud and COSO 2013
- Top Occupational Fraud Schemes and Deterrents
- Fraud Risk Assessments
36 Reviews (145 ratings)
Reviews
Brian Leip
(Asst. Controller at Kranz & Associates)
This was a good overview of various types of cash fraud that can be perpetrated by employees or companies. Cash on hand, cash receipts, fraudulent disbursements, Cash Larceny, Skimming (sales, receivables, refunds). There are a lot of personal examples given for each situation which makes the videos longer than normal but could help in remembering each situation better.
Lawrence Hirsch
(Controller at Builders design)
Another great course from Lynn concerning fraud. This time the focus is on cash. Cash is the most liquid asset in a company and can be the subject of great temptation. This course comprehensively discusses all the ways cash and receipts can be misappropriated. Nice course. thank you Lynn.
Larry
Anonymous
(N/A)
The instructor did an excellent presentation on Asset Misappropriation and Cash. The various methods for each type were described in detail, along with potential solutions.
I also like how the instructor doesn't just read the outline; she provides other examples.
Anonymous
(Accounting Manager)
A great refresher course regarding fraud and asset misappropriations. It discusses the different types of assets misappropriations, as well as, the red flags to these schemes and the best practices-solutions on how to manage them.
Anonymous
()
Includes fraud not just by employee but also by customer. Includes not just cash but also effect on inventory. A good case for decreasing cash transactions.
Anonymous
(SFA)
Another great course from Lynn. The course would be beneficial for small business owners or if you would like to get a general understanding of the subject.
K Harper
( at JLL)
GOOD CLASS FOR ANYONE IN RETAIL OR MANAGING IN A CASH ENVIRONMENT
Anonymous
(Retired)
This course was a great refresher on asset misappropriation and cash. It was also a reminder of the necessity of internal controls.
Anonymous
(-)
Another interesting course from Lynn Fountain, fast paced and full of examples. Thanks for the dedication to continued learning!
Anonymous
(Internal controls manager)
This was again a great training. I liked that the trainer gave several real life examples to demonstrate what can happen.
Sergey Bulychev
(Internal Auditor at CPC)
This course provides a fairly detailed overview of modern fraud schemes. Diagrams help you to quickly understand the material
Anonymous
()
great course, very helpful and we all deal with almost in all the size of business, from small to large huge corporations.
Anonymous
(Assurance Specialist)
Interesting review about cash and asset misappropriation. Short and well paced. Focuses on common concealment strategies.
Anonymous
()
The course provides plenty of relevant information on asset and cash misappropriation, alongside recommended controls.
Alexandre MAYER
(Internal Control Officer at N/A)
very interesting to get back to this topic and have it explained so clearly by the lecturer. good course and materials.
Geraldine Clayton
(Controller at MEI Technologies, Inc.)
Good basic information for cash fraud/sales with examples and solutions for skimming, lapping and larceny.
Tracey Fischer
(Senior Internal Auditor at Self)
Lynn has a very friendly, approachable presentation style, enhanced by her years of applicable experience.
Anonymous
(Internal Control Manager)
This excellent course helps and encourages to use healthy scepticism to detect cash related fraud cases.
Anonymous
()
The course is very informative and structured. It is a good overview of various cash related frauds.
Anonymous
(IT Advisory Snr. Associate)
This is an interesting course. Nothing surprised me. This will be most beneficial to beginners.
Penny Conselman
( at USG)
This course provides a good understanding of the methodology of acts of cash and assets fraud.
Anonymous
()
This was a great course, and very clear explanations were given on each of the various terms.
Sophia Kasozi
(- at City of Edmonton)
Nice refresher and timely reminder about why internal controls over cash are necessary.
Anonymous
(accountant)
This was great! Very easy to understand slides and examples. Very good instructor
Anonymous
(Associate Director)
Interesting course and practical knowledge for dealing with cash controls.
Ara Toroyan
(Director - Financial Planning & Proc.. at NCCI Holdings, Inc.)
Very nice overview of Cash Misappropriation. Lynn's courses are great.
Anonymous
(Consultant - Process Specialist)
The speaker provides great examples on different cash misappropriation
Anonymous
(Head of Internal Audit)
Very useful topic for internal auditors to include in audit program.
Martin Smith
(owner at M. Ward Smith, Inc.)
some inconsistency of categories-cash on hand and Cash Larceny
Anonymous
()
Excellent and interesting course on cash fraud. Very helpful
Anonymous
(SURVEILLANCE LEADER)
very informative description on how cash can be misutilised
Anonymous
(Internal Audit Manager)
Good overall course with some good concepts in this area.
Anonymous
(CPA, CFE, CGMA)
A very educational course on cash misappropriation.
Muhammad Baig
(Managing Director at N/A)
A good coverage of relevant material. Insightful.
Chris Grimes
(Rules Master at Cisco)
Good overview of fraud relating to cash.
Anonymous
(Sr. Auditor)
Very helpful, good overview.
Prerequisites
Course Complexity: Intermediate
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Lynn FountainCPA, CGMA, CRMA, MBA, cPIA, Consultant, Author, Trainer
About Illumeo
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