CFO fraud prevention
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Can someone please provide some assistance with a question. Its for an MBA course. It needs to be between 550 and 650 words. How can you determine that your Chief Financial Officer is not engaged in fraud? Please describe how you exercise oversight. Please include at least 2 outside references. Thank you so much in advance for all your help. I really appreciate it!
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Solution Summary
A review of how to prevent CFO fraud in a nonprofit organization.
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How can you determine that your Chief Financial Officer is not engaged in fraud? Please describe how you exercise oversight.
Other management individuals and board members on a monthly basis should review the financial statements and financial records. Any discrepancies and differences should be noted and questioned. This is the best way to deter fraud. It is not the only way, but the most likely way to keep things honest.
The Chief Financial Officer is the person who has oversight of the financial departments of the organization. This is only one responsibility. The CFO should also handle the oversight and spending of capital funds for capital spending. Capital spending includes buildings, land, equipment and other high value assets that must be bought, sold, or rented for the organization to properly fulfil its work. As the person dealing with finances, it falls to the CFO to know about all aspects of the company's ...
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