Bridging The Gap Between Budgeting & Risk Management
At many companies, a wide gap exists between the budgeting process and risk management. Failing to consider major threats could leave you vulnerable to high-impact hits to your budget if
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Tag: Internal Controls
How To Put The Brakes On Lapping Schemes
Lapping is one of the most common ways crooked employees skim money from their employers. In these schemes, a perpetrator uses receipts from one account to cover theft from another.
Protecting Youth Sports Leagues From Fraud
Who would defraud a kids’ organization? The answer, unfortunately, is that trusted adults sometimes steal from non-profits benefiting children. Youth sports leagues and teams, for example, are ripe for fraud.
Assess For Fraud Risk Before You Experience Financial Losses
If you are like most business owners and executives, you may not actively search for fraud risks — until there is an incident and you are facing possible losses. Although
Antifraud Checklist For Construction Companies
According to the Association of Certified Fraud Examiners’ Report to the Nations: 2018 Global Study on Occupational Fraud and Abuse, organizations victimized by fraud lose a median $130,000. But construction
Preventing Fraud in Auto Dealerships
To prevent occupational fraud from cutting into your auto dealership’s profits and generating negative publicity, you need a strong internal controls system. And effective controls start with current and accurate
Why Executives Pose the Greatest Occupational Fraud Risk
In its 2018 Report to the Nations on Occupational Fraud and Abuse, the Association of Certified Fraud Examiners reported that owners and executives accounted for only 19 percent of all
Five Ways to Prevent Fraud in Your Law Firm
Because they foster a collegial, trusting environment, law firms can be more vulnerable to fraud than many other types of businesses. Enforcing internal controls may simply seem unnecessary in an
Audits Focus On Cybersecurity
In 2018, U.S. organizations that suffered a data breach lost an average of $7.91 million as a result. That is the highest average organizational cost of all the countries and
Stop Receivables Fraud Before It Starts
From invoices and payments to discounts and write-offs, many business transactions are recorded to accounts receivable. This makes receivables a popular fraud target, but your business does not have to