Purchasing and cash disbursements are common targets for fraud in any
entity’s environment. While business owners and managers are aware that
internal controls seem to be very important, they often don’t know
whether the entity’s system is adequate. While accountants instinctively
know that internal controls are important and necessary, it is sometimes
difficult to effectively communicate this with business owners. Focus on
common frauds and internal controls over the purchasing and cash
disbursements processes. Hone in on smaller businesses and nonprofit
entities where cost/benefit analysis is extremely important and fraud is
more likely to occur. Learn how to efficiently analyze controls to
ensure you’re getting the Obiggest bang for your buckO when considering
a control to implement and/or test.