Don’t Let Fraud Get The Best Of Your Business
When it comes to protecting your business or nonprofit organization, you can never be too careful. We don’t just say the phrase: “Trust is not an Internal Control” — we believe it. Scroll through this page to find a wide variety of helpful information, such as videos, infographics, articles and other tools that can be used to protect your most valuable asset.
Do you want to learn more about occupational fraud and what you can do to prevent it from taking over your business and undermining your success? Check out the article below.
“Fraud occurs in organizations and even small organizations and family-owned businesses like the ones we work with quite frequently,” says Annie Yoder. “It’s so often I hear: ‘I trusted that individual … I’ve worked with that person for 20 years.’ … Although trust is important, and you need to trust your employees, trust is not an internal control. It’s not going to stop fraud from happening in your organization.”
For the same reason you wouldn’t expect your eye doctor to repair your tooth, you shouldn’t depend on your annual audit to detect occupational fraud in your business.
ill the lack of internal control procedures result in the untimely demise of your business or organization? Studies show that if you don’t take action against fraudulent behavior today, tomorrow could be too late.
In its most recent version of The Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners (ACFE) analyzed 1,483 cases of occupational fraud, which resulted in losses totaling more than $3 billion. Of those cases, the ACFE found that businesses with 100 employees or less are more susceptible to financial losses as a result of the three categories of occupational fraud – corruption, asset misappropriation and financial statement fraud.