September 05, 2017
Fraud prevention. Those sweet words are music to any forensic accountant’s ears. Not only do we preach the importance of having internal control examinations, but we actually take quite a bit of pride knowing our clients risk for fraud can be significantly decreased as a result of our advice.
Now let’s talk about the other 90 percent of our clients—90 percent of our time as forensic accountants is spent assisting clients who suffered a loss from employee theft. And the majority of those clients have never had any type of fraud risk assessment performed. That’s right. As much as we prefer to help businesses prevent a disaster, the truth is, we make 90 percent of our revenue helping detect, examine, investigate, and litigate these matters. As a result, I think it’s wise to discuss what’s on the minds of the 90 percent. Instead of discussing the “how”, let’s talk about the “what now?”
Dealing with fraud is a unique situation for most businesses and individuals. Each instance is different, and not everyone prefers to handle it the same. However, the three main goals remain consistent:
Here are a few things to keep in mind to reach these goals.
Dealing with fraud is never easy and almost always unexpected. Utilizing the tips above can assist your organization to identify theft amounts, recoup assets and avoid liability. Of course, having a consultant examine your internal controls can help mitigate this problem from ever occurring—as long as you’re willing to be part of the 10 percent.
If you suspect fraud at your organization, don’t delay. Follow these steps and call a forensic accountant now.