Internal Controls and Fraud in the Workplace
All RIT employees need to be aware of the business risks in their area of responsibility. To help mitigate those business risks, each division, college, and department is responsible for establishing and maintaining effective business practices and internal controls. To assist the University in achieving its objectives, it is vital that a strong internal control environment exists in all aspects of the RIT Community.
One result of weak or broken internal controls is Fraud. Occupational fraud can be found in any workplace. Whether an organization is a non-profit entity such as a university, or a large for-profit corporation, fraud has occurred and continues to occur. This combined topic class will provide you with the knowledge to understand how good internal controls can help prevent fraud from occurring in your area of responsibility.
During this class, the importance of, components of, and the responsibility for establishing and maintaining effective internal controls will be discussed. Various examples of what can happen when controls are non-existent or broken (i.e., fraud) will be shared throughout the class.
By attending this class you will learn:
- What are internal controls?
- Why should we care about internal controls?
- What aspects comprise a good internal control structure?
- Who is responsible for internal controls?
- What are some examples of internal controls?
- Why you should be concerned about fraud.
- Who typically commits fraud, and why.
- Common fraud myths.
- Methods typically used by individuals committing fraud.
- How you can reduce the risk of fraud in your area of responsibility.
- How to report suspected fraudulent activity.
- About real fraud cases investigated by the instructor.
- What to look for to detect potential fraud.
Who should attend?
Any RIT employee with an interest in learning about internal controls and how to help protect their area of responsibility from potential fraudulent activity.
* Completion of this course is required to obtain your Accounting Series Certificate of Completion. All officers and managers in the university are required to attend.
“This session brought to light ethics in the work environment on an everyday basis.”
“Great class, very informative, a worthwhile use of my time.”
"Very well done - the discussion of actual fraud documentation was interesting and frightening. I would like to see this class required for everyone."
Internal Controls and Fraud in the Workplace is facilitated by members of the Institute Audit, Compliance & Advisement (IACA) Department.
Wendy Roy is a Senior Internal Auditor and has enjoyed 9 years of higher education internal auditing experience between her tenure here at RIT and at the University of Rochester. Wendy is a CPA (Certified Public Accountant) who began her auditing career in 1998 working for the largest regional CPA firm in Rochester. Prior to that, she spent 10 years working in the finance department of a large Rochester-based manufacturing company.
Patrick Didas is the Associate Director of IACA. He is a CPA and CFE (Certified Fraud Examiner) with over 15 years of higher education internal audit experience and is a 1990 graduate of RIT’s Saunders College of Business. He has investigated financial fraud cases that have resulted in criminal prosecution and tens of thousands of dollars in restitution to his employers.
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