Revenue and cash receipts are two critical areas that require strong
controls to prevent intentional fraud or unintentional misstatements.
While there is well-publicized fraud in these areas in larger companies,
it also occurs in smaller businesses and not-for-profit entities. A
sound system of internal controls is needed to help prevent fraud. All
too often, a “one-size-fits-all” system is put in place without
considering the uniqueness of each entity. It is crucial that an
internal control system is tailored so that the areas of greatest risk
receive the most attention.