Community Arts Organization: Fraud Detection and Control Ideas

This report provides an in-depth analysis of fraud detection and control measures, focusing on preventing embezzlement within an organization. It emphasizes the importance of understanding employee behavior, separating financial duties, and implementing close supervision of financial processes. The report details computer security measures, internal and external audits, and the need for a visible fraud detection plan communicated to all employees. It also highlights the significance of internal controls, documentation, and the role of professional experts in establishing effective fraud prevention programs. Furthermore, the report outlines specific steps to ensure accurate financial data, including bank statement reconciliation, segregation of duties, inventory management, and the importance of monitoring accounts receivable. The provided references support the strategies and recommendations presented to mitigate the risk of financial fraud and maintain the integrity of financial records.