Financial Management & Digital Accounting · Intermediate level

Intermediate level · Module 4 of 6 · 15 guided hours

Financial Controls and Fraud Prevention

Design proportionate controls that protect an organisation's money and reputation.

Learning objectives

  • Apply separation of duties in small teams
  • Design authorisation and documentation controls
  • Recognise and respond to common fraud and errors

Topics

  • separation of duties
  • authorisation limits
  • procurement controls
  • asset and stock controls
  • fraud red flags
  • audit trail

Lessons

  1. Lesson 1 Separation of Duties

    Divide tasks so no single person controls a whole transaction.

    separation of dutiesauthorise, record, holdcompensating controlsreview

  2. Lesson 2 Authorisation and Procurement Controls

    Ensure money is spent only on approved purposes at fair prices.

    authorisation limitsquotationspurchase ordersgoods received

  3. Lesson 3 Fraud Red Flags and Response

    Recognise warning signs of fraud and error, and respond properly.

    red flagsghost employeesduplicate paymentswhistleblowing

Practical activity

Review a small NGO's financial procedures, identify weaknesses and write a controls improvement plan.

Expected outcomes

  • Proportionate controls for small organisations
  • Early detection of errors and fraud

Assessment

Controls review and improvement plan marked on risks identified and practicality of controls.

Taught live by an instructor — online or in person. Free course lessons are for self-study and do not lead to a certificate — see registration options.