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CPA Voice: Fraud lurks in canceled checks

Written on Jun 3, 2021

The pandemic has cut into many lines of business, but unfortunately, fraud is not among them. Creating and cashing bogus corporate checks remains a relatively simple and lucrative exercise for crooks with access to a quality color printer, check quality paper and Photoshop. 

Thankfully, there are controls you can implement to least minimize this problem, writes Stanley J. Olejarski, CPA, CGMA, in the May/June issue of CPA Voice.   CPA Voice magazine cover.

“It once was good business practice to reconcile the bank account as soon as it was received and identify any unauthorized transactions,” writes Olejarski, a principal in the accounting & auditing group at Howard, Wershbale & Co. in Beachwood. “In 2021 this is not close to sufficient. I suggest you have someone in accounting monitor cleared transactions daily. In most companies there is not that much activity, and it can easily be done online using virtually any bank. True, this is a ‘detective control’ and only identifies a problem after it occurs – but it only occurs once.” 

Read the entire article now to learn more, including the role cash management services like Positive Pay and Reverse Positive Pay can play in helping your organization avoid corporate check fraud. While you’re there, check out the rest of the issue and earn a CPE credit! 

Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue. 

Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge. 

Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year. 

For more learning on how to identify, fight and prevent fraud, attend OSCPA’s Fraud & Forensic Conference