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Fraud Examination: Identifying Irregularities

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Question: What irregularities should a fraud examiner look for in areas within a firm where physical cash is used or in the payroll function within a firm?

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There are several irregularities to look for within the physical cash cycle, and in payroll.

Physical cash :

The main point to investigate is if a proper segregation of duties is present within the internal control environment. If there is a proper segregation, it shows an effective control environment. If the same person is in charge of multiple tasks where a fraud could be easier to conceal, then we've got an ineffective control environment, which will call for more substantive testing procedures due to the ineffectiveness. Within cash itself, if cash memos are used in large amounts, it signifies an irregularity. The examiner also needs to analyze account balances, and match the amounts with vendor invoices or ...

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