Fraud Risk

Unfortunately as times get hard, fraud may increase.  Every organization, whether large or small, must assess their risks and implement internal controls to mitigate their risks.  Most frauds are detected too late and recovery is unlikely.  Fraud losses can be staggering.
Following are a few tips for preventing or detecting occupational fraud:
* separate bookkeeping, billing and account reconciliation functions
* company owners should receive bank and credit card statements
* establish a hotline for receiving tips of suspicious activity
* educate employees on the cost of fraud to the company
* encourage co-workers to report fraud
* create a climate of honesty and integrity
* use continuous auditing software when possible
* rotate sensitive jobs
* use background checks in hiring
Our firm can assist you with assessing your risk and offering suggestions to strengthen your internal controls. Please contact us to learn more about what we can do for your organization.  
/posted by Robert C. Abner, CPA, CFE