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10-11-2004 Regular Meeting
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10-11-2004 Regular Meeting
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12/15/2016 5:16:29 PM
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3/21/2025 1:16:31 PM
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City Meetings
Meeting Body
Audit Committee
Meeting Doc Type
Minutes
Date
10/11/2004
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<br />Danger Signs of Fraud with the System <br /> <br />Key sign of fraud - false docurnents: <br /> <br />CI Lack of original documents and/or only copies of documents. <br /> <br />CI Invoices without addresses or phone numbers. <br /> <br />CI Use of facsimile stamp. <br /> <br />. Signs in the accounting system: <br /> <br />CI The books are always a mess despite strenuous efforts to straighten them out. <br /> <br />The profits are very good, but there are severe cash flow problems. <br /> <br />CI Large sudden losses are happening. ,. <br /> <br />CI Large adjustments to inventory of supplies or goods. <br /> <br />CI Numerous write-offs or credit memos to accounts receivable. <br /> <br />CI Numerous journal entries to the books. <br /> <br />CI Subsidiary ledgers that are never in balance with the general ledger. <br />CI Numerous outstanding and old reconciling items on the bank reconciliations. <br />Cl Even w:orse - no bank re,conciliations. <br /> <br />CI Unexplained accruals for income or expenses. <br /> <br />. Signs of issues with third parties.: <br /> <br />CI Excessive complaints from people about their accounts. <br /> <br />CI Contractors or vendors who insist on dealing only with one employee. <br /> <br />Purchases or sales concentrated in one company. <br /> <br />CI An employee who has a relationship with a contractor or vendor. <br />
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