Fraud Analysis - Fraud Prevention and Detection
“Small organizations are disproportionately victimized by occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.” (“2010 Report to the Nations on Occupational Fraud and Abuse,” Association of Certified Fraud Examiners)
Your organization is at serious risk for fraud if any of the following statements apply:
· My organization’s bookkeeper takes in receipts, enters them into the accounting system and deposits the money into the bank account.
· My organization’s bookkeeper cuts the checks, mails the checks, enters the checks into the accounting system and reconciles the bank account with no higher level detailed review of the bank statements or canceled checks.
· My organization’s bookkeeper has access to our online bank account.
· My organization’s bookkeeper has the ability to transfer money between accounts, prepare direct deposit for payroll, or pay bills with online bill pay or ACH.
· I have seen red flags of fraud in my organization’s bookkeeper or manager including living beyond his/her means and/or apparent financial difficulties.
· My organization has fewer than 100 employees putting it at greatest risk of fraud. The median loss for organizations of this size is $155,000.
We can help - businesses have come to SGA because something just didn’t feel right, or an employee provided a tip that $500 or so may have been stolen. In most cases, the actual dollar amount of the theft was $100,000 - $200,000. Most of these fraudsters were employed by the organization for over 5 years and highly trusted with no prior criminal conviction.
Fraud Investigation Services
Our professionals are trained to focus in on your organization’s weakest areas and to seek out fraud by analyzing records and trends. We quantify the damages, prepare written reports for management and law enforcement, work closely with management and law enforcement throughout the investigation, and provide litigation support and expert witness testimony.
Internal Control Evaluations
We are also trained to review your organization’s accounting processes and to provide a written report with recommendations for improvements giving your organization a competitive edge to protect your assets in this vulnerable economy.
Employee tips account for 40% of thefts detected, which is 25% higher than the next closest method of detection. Providing your employees with a phone number to call if theft is suspected can be your first step to protecting your organization.