Home » Fraud Examination » Fraud Examination: Protecting Your Business from Workplace Fraud
Despite the distractions and upheaval the Covid-19 pandemic has had on your business, be careful not to overlook another threat that could be looming around the corner — fraud in the workplace.
Occupational fraud is the misuse of one’s occupation for personal gain and includes anything from stealing office supplies to cooking the books to embezzlement fraud. According to the Association of Certified Fraud Examiners’ (ACFE) most recent Report to the Nations on Occupational Fraud and Abuse, organizations lose an estimated 5 percent of revenues each year to occupational fraud – which translates to annual global losses of nearly $4.5 trillion.
How can you protect your organization and avoid the necessity of conducting financial fraud investigations? The starting place for any successful fraud prevention program begins with two key elements: your organization’s ethical culture and the perception of detection.
AN ETHICAL CULTURE
The cornerstone of any fraud prevention effort is the ethical tone set by an organization’s leadership. Organizations that face financial fraud investigations have often failed to regularly communicate management’s anti-fraud stance or to properly train employees.
One of the best ways to educate employees about fraud is to develop, implement and enforce a written fraud policy. Fraud awareness training can be incorporated into an employee’s orientation, annual training programs, and an annual statement acknowledging the employees’ understanding of your organizations’ anti-fraud policies.
Common elements of a fraud policy include:
THE PERCEPTION OF DETECTION
The second element of a well-rounded fraud prevention program is to increase the perception of detection. By nature, those who are tempted to commit wrongful acts are less likely to follow through if they believe they will be caught.
An organization can implement a variety of policies and procedures that help increase this perception, depending on the size and complexity of the organization. Examples include:
By instituting a fraud policy, fraud training and procedures to increase the perception of detection, you can decrease the likelihood that your organization falls victim to occupational fraud.
To learn more about how we can help clients detect fraud, contact us for consultation.
CATEGORIZED UNDER: Fraud Examination | Investigative Financial ConsultingKelly J. Todd
Managing Member
Kelly J. Todd is a managing member and the member in charge of forensic investigations at Forensic Strategic Solutions. Ms. Todd has a broad range of forensic experience including financial and white‐collar investigations, fraudulent financial reporting, accounting malpractice, and the calculation of economic damages.
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When a whistleblower sounded the alarm on their employer that had allegedly violated the Anti-Kickback Statute and submitted false claims to the government, FSS was hired by the whistleblower’s attorneys to pinpoint evidence and determine the value of any identified claims.
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The Los Angeles Unified School District (LAUSD) is the second largest school district in the country with an annual budget in excess of $11 billion. Mired with problems and a price tag estimated over $200 million, the LAUSD hired FSS to determine the sources and uses of funds for the Belmont Learning Center project. The […]
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WATCH VIDEOConflicts of Interest: Educational Tools for Employers | Kelly J. Todd
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WATCH VIDEOThe Common Denominator of Corruption: Conflicts of Interest | Kelly J. Todd
Kelly Todd, managing member at Forensic Strategic Solutions, discusses the close relationship between conflicts of interest and corruption. She also discusses preventative measures that can be taken to minimize opportunities for conflicts of interest to morph into corruption.
WATCH VIDEOWhat to do When You Suspect Fraud at Your Organization – II | Kelly J. Todd
Kelly Todd, member in charge of forensic investigations, discusses how to handle the alleged perpetrator, including notifying the perpetrator, conducting an admission-seeking interview and restricting the wrongdoing employee from company access. She also notes the importance of notifying your insurer when you think you might have fraud occurring in your organization.
WATCH VIDEOWhat to do When You Suspect Fraud at Your Organization – I | Kelly J. Todd
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WATCH VIDEOEmployee Fraud Awareness Training | Kelly J. Todd
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Ralph Summerford, president of Forensic Strategic Solutions, cites recent New York Times statistics to help reveal some reasons for the high frequency of fraud in non-profits, including high turnover, poor management and lack of tax audit enforcement. All of these issues make it increasingly difficult for the IRS and law enforcement to uncover and prosecute […]
WATCH VIDEOCalculating Economic Damages: It’s About Far More than the Math | Jeffrey H. Lewis
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READ FULL BLOGDetecting Deception: Facial Expressions | Kelly J. Todd
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Our team recently wrapped up another sizeable fraud examination for a small business whose trusted bookkeeper embezzled hundreds of thousands of dollars. While the names and the faces of fraud change, the story remains the same: the employee you least expect, the most trusted of them all, takes advantage of their position – and you […]
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READ FULL BLOGIdentifying Fraud Symptoms: What Really Goes on Between the Balance Sheets? | Kelly J. Todd
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In our case study, gas station owner, Morris, has alleged that Green Fuel, a small gasoline distributor, overcharged him. Both parties had inadequate and unsophisticated documentation, making determining losses very difficult.
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Think twice before you assume that an unsophisticated small business cannot possibly have any useful or accessible electronically stored information (ESI).
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Events may happen in a person’s life that can lead to an act of desperation. And desperate people may take irrational actions. I am talking about bad economic times, the failure of a business, the loss of a job, divorce, a family member on drugs, disease, children in trouble, criminal acts by a family member […]
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Welcome to the second installment of our three-part educational series on Guarding Against Embezzlement Fraud. Catch up on part one, Guarding Against Embezzlement Fraud: Developing An Action Plan. Simply adopting an action plan doesn’t necessarily eliminate the risk altogether. What can go wrong? Many varied problems. The reason unexpected situations arise is because they are unexpected. […]
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We’d like to introduce our three-part educational series on Guarding Against Embezzlement Fraud. In this first installment, we will discuss preventive measures you can take. The second part will explain how embezzlement cases can bring about unexpected problems, and the third and final part of our series will discuss defensive measures. It’s not something business […]
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