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Cash Larceny. Pop Quiz. What is the difference between larceny and skimming?. Larceny. Of Cash on Hand. From the Deposit. Other. Cash Larceny. Intentional Fraudulent Cash receipt. Frequency – Cash Misappropriations. Median Loss – Cash Misappropriations.
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Pop Quiz What is the difference between larceny and skimming?
Larceny Of Cash on Hand From the Deposit Other
Cash Larceny • Intentional • Fraudulent • Cash receipt
Cash Larceny Schemes • Access to cash • Point of sale • Receivables • Bank deposits
Larceny At The Point of Sale • Most common • Result?
Larceny Schemes • From other registers • Tiny amounts • Reversing transactions • Alteration • Destruction
Preventing and Detecting Cash Larceny at the Point of Sale • Separation of duties • Independent checks • Control of cash • Discrepancies • Periodic reports
Larceny of Receivables • When does the theft occur? • How is it hidden? • Force balancing • Reversing entries • Destruction of records
Cash Larceny From The Deposit • When/how does this happen? • How can it be stopped? • Having controls such as matching the receipted deposit slip to the originally prepared slip? • Reconcile slips? • Security over the deposit before it goes to the bank?
Cash Larceny From The Deposit • Types • Deposit lapping • Deposits in transit
Preventing and Detecting –Cash Larceny From The Deposit • Separation of duties • Centralization • Comparison • Night drop deposits