Financial statements issued by companies, government entities or organizations can be invaluable tools in fraud deterrence. But too often, the people in charge don’t bother to read these statements on a regular basis, and those who do often don’t understand what they are reading. Understanding your financial statements, and knowing what to look for, are… Read more »
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Posts Categorized: Fraud Deterrence
Fraud Deterrence Starts with You
As a reasonable and intelligent business owner who employs reasonable and intelligent employees, you might think fraud deterrence programs are unnecessary. It’s a given that everyone knows they’re not supposed to steal from their employer, right? And they also understand that as the boss, you get certain perks to which they are not entitled. It’s… Read more »
Creating an Effective FCPA/UKBA Compliance Program
Last month I discussed the potential risks that a company faces under the U.S. Foreign Corrupt Practices Act of 1977 (FCPA) and the U.K. Bribery Act of 2010 (UKBA) when conducting business in foreign countries. This month, I’ll present the key components of an effective FCPA/UKBA compliance program. There are seven key components to an… Read more »
Protecting Your Auto Dealership From Fraud
Owning and operating an auto dealership can be a rewarding experience. Despite the long hours and myriad of issues facing the dealer, a well-run dealership can be a source of satisfaction and financial reward. However, the complexity of auto dealership operations can give employees and others the opportunity to commit fraud, thereby diverting significant profits… Read more »
Executive Culture is Essential in Preventing Employee Fraud
I was recently involved in a fraud investigation of the CFO of a privately held company that spent years following the directives of the majority shareholder to run the majority shareholder’s personal and/or nonexistent expenses through the company. In addition, the CFO was directed to implement other schemes that the majority shareholder designed to defraud… Read more »
