Every two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud...
Even before the COVID-19 pandemic struck, Americans received a lot of packages. About 18 billion parcels were shipped in the United States in 2018, according to Pitney Bowes, and the parcel delivery industry has been growing at an average 4.7 percent each year. But given...
Not all companies follow U.S. generally accepted accounting principles (GAAP). Many smaller businesses, for example, have adopted the American Institute of CPAs’ Financial Reporting Framework for Small and Medium-Sized Entities because it is easier to follow. Other businesses may use non-GAAP measures because they do...
Several major companies have already filed for bankruptcy during the COVID-19 crisis and many more large and small businesses are expected to follow suit. If you are a creditor of a company that is liquidating, it may be challenging to get back what you are...
The novel coronavirus (COVID-19) pandemic has opened the floodgates to scam artists attempting to profit from sick, anxious, and financially vulnerable Americans. On the frontlines fighting fraud are the Federal Trade Commission (FTC), U.S. Justice Department (DOJ), and other government agencies. Here are some of...
Imagine this scenario: A company’s controller is hospitalized for COVID-19, and she is the only person inside the company who knows how its accounting and payroll software works. She also is the only person with check signing authority, besides the owner, who is in lockdown...
Before the novel coronavirus (COVID-19) pandemic struck, employees who suspected occupational fraud in their organizations had multiple options for notifying their employers. For example, they could use interoffice mail to send information anonymously or meet in person with human resources (HR) personnel. Reporting options for employees...
Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network or move files to the cloud. And...
Paying workers ‘under the table’ or with cash can save businesses a bundle in taxes, but the potential consequences are grave. Not only is this practice illegal and could result in severe financial penalties but it also shortchanges employees. The novel coronavirus (COVID-19) pandemic has made...
The coronavirus (COVID-19) pandemic may pose a double threat for seniors. The elderly are considered the most vulnerable population for medical complications associated with the virus. They also are prime targets for COVID-19 scams. If you are a senior, or have elderly relatives and friends,...