Are you taking steps to prevent fraud in your business?

The 2016 Global Fraud Study released recently by the Association of Certified Fraud Examiners shows that asset misappropriation occurred in more than 83% of the cases reported. Asset misappropriation includes billing and check tampering schemes. According to the study, billing schemes were most common, comprising slightly more than 22% of the cases, and check tampering schemes were the costliest, with a median loss of $158,000. Not surprisingly, businesses with poor internal controls, or no internal controls, were the most susceptible. This type of fraud occurs in businesses of all sizes from 1 employee to thousands of employees. Did you know we offer fraud risk assessments?  This is a proactive approach to mitigating fraud in your business where we analyze the controls you have in place and make suggestions how you can improve and add controls to deter fraud.  When fraud occurs it effects your business in many ways and can be detrimental to the on going success of your business. You don’t only have a loss of operating cash and income but if and when it is publicized (which is common between an arrest and social media today) it affects the reputation of your business. Don’t wait for it to occur to start thinking about how it could happen again.  Contact us for tips and suggestions for keeping your business assets safe.