Chapter 4: Cash Larceny.

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Presentation transcript:

Chapter 4: Cash Larceny

Cash Larceny Larceny is the least common of the three major cash misappropriation categories. 45 cash larceny cases were reported, with a median loss of $22,000.

What is Cash Larceny? Definition: “Cash” includes currency and checks Intentional taking Of employer’s cash Without employer’s consent “Cash” includes currency and checks

Cash Larceny v. Skimming Skimming is theft of off-book funds Cash larceny is theft of on-book funds Cash larceny: Less common than skimming Less costly than skimming Direct audit trail

Cash Larceny Schemes Theft of cash on hand Theft from the deposit From cash register or cash box Posted customer payments Theft from the deposit

Theft of Cash On Hand Concealing larceny of cash on hand Unconcealed Personal check in register Reversing transactions (voids/refunds) Alter cash counts Destroy/alter transaction records

Cash Larceny from the Deposit Perp usually in charge of daily deposit Steal the currency, deposit the checks Poor controls are the key One person prepares/makes deposit, reconciles bank account Failure to reconcile deposits/receipts Deposit left unattended before going to bank

Concealing Larceny from the Deposit Deposit lapping Steal Day 1 deposits Cover with subsequent receipts Deposits in transit Missing money carried on books as “deposits in transit”

Cash Larceny - Countermeasures Investigate shortages in cash drawers, deposits, etc. Investigate missing or altered sales records Have two people independently verify deposits on bank statement to postings in general ledger Maintain and review daily cash availability amounts

Cash Larceny - Countermeasures Have deposits delivered to bank under dual control If fraud suspected, verify deposit prior to dispatch without suspect’s knowledge; then contact bank to confirm that deposit was made Have deposits made in night drop, verify at beginning of next day Make sure deposits in transit are first items to clear on next statement

Cash Larceny Controls Separate the following duties: Cash receipts Cash counts Bank deposits Deposit receipt reconciliation Bank reconciliation Posting deposits Cash disbursements

Cash Larceny Controls Surprise cash counts Review check and cash composition of daily bank deposit Review timeliness of deposits from locations to central treasurer function Observe cash receipting operations at all points of entry