Accountancy: Faculty Publications
Cash: The Favorite Target of Fraudsters
Document Type
Article
Publication Date
11-1-2004
Publication Title
The CPA Journal
ISSN
0732-8435
Abstract
Research indicates that about 92% of all asset-theft fraud schemes involve cash, with median losses of $65,000 per incident. Organizations should develop and implement formal programs for safeguarding cash. When one person controls multiple phases of a transaction, the risk of fraud increases dramatically. The most effective way to prevent theft of cash disbursements is to segregate the duties of preparing checks (an authorization duty) and signing checks (a custody duty). The most effective way to prevent theft of cash receipts is to segregate the duties of cash handling and recording.
Recommended Citation
Buckoff, Thomas A..
2004.
"Cash: The Favorite Target of Fraudsters."
The CPA Journal, 74 (11): 63.
https://digitalcommons.georgiasouthern.edu/account-facpubs/56
Copyright
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