Declining corporate and individual ethics are significant challenges for businesses today. According to the Association of Certified Fraud examiners (ACFE) 2014 Report to the Nations on Occupational Fraud and Abuse, organizations lose an estimated 5% of their revenues to fraud each year. The median loss from fraud was $145,000, with 22% of cases involving $1 million or more.
Preventing Fraud
MONITORING
Organizations can develop and utilize tools, policies and procedures for the monitoring, identification and reporting of suspected fraudulent activity.
INVESTIGATION
A thorough investigation should be performed by qualified fraud investigators to identify the perpetrator(s) of a fraud, ascertain the losses, and assess the root cause.
PROGRAM IMPROVEMENT
It is imperative to be current on anti-fraud techniques and tools. Training of all personnel on fraud identification and reporting can greatly increase awareness and reduce overall risk. Along with review of policies and procedures on a consistent basis.
Your Experts
Thomas D. Devereaux, CPA, CFE
Director
Sanath Rajapakse, CISA
Director
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