Fraud deterrence programs never take a vacation, but your employees most definitely should. Requiring employees to take regular vacations is a key anti-fraud control in an organization’s comprehensive fraud deterrence program. In its 2014 Report to the Nations, the Association of Certified Fraud Examiners (ACFE) notes that a mandatory vacation policy reduces an organization’s median… Read more »
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Posts Tagged: Philadelphia forensic accounting firm
Eliminating Opportunity Is Crucial to Fraud Deterrence
Opportunity — the ability for fraudsters to carry out the misappropriation of cash or other company assets — is one of the three key elements necessary for fraud to occur and it is an element that organizations often can eliminate by enacting strong anti-fraud controls as part of a comprehensive fraud deterrence program. In its… Read more »
Fraud Investigation Reveals Fraud Schemes
Fraud investigations into asset misappropriation — one of the three main types of fraud — reveal an assortment of deceitful means by which dishonest employees can steal from an organization. “There is no shortage of schemes by which a fraudster can misappropriate funds from an employer, whether it is a company, a non-profit or a… Read more »
Tip Hotlines Enhance Fraud Deterrence
Performing a formal financial audit annually is thought by many to be the most effective means of fraud detection and fraud deterrence. It’s not. Only three percent of all fraud is detected by a formal financial audit. In fact, more than twice as many are discovered by accident than by formal audit. So what is… Read more »
Fraud Investigation Identifies Three Types of Fraud
Fraud investigations worldwide reveal that asset misappropriation, corruption and financial statement fraud are the three main types of fraud, according to the Association of Certified Fraud Examiners (ACFE). The ACFE identified these three key types of fraud in its 2014 Report to the Nations, the results of a global survey conducted biennially to study the… Read more »
Why You Can’t Afford Not to Invest in Fraud Deterrence
Think a fraud deterrence program is too pricey? Consider this. In its biennial global survey, the Association of Certified Fraud Examiners (ACFE) found that the typical organization loses five percent of its revenues to fraudulent activities each year. That conclusion was a key finding in the ACFE’s 2014 Report to the Nations, the results of… Read more »
