Protect Your Organization from Fraud

Fraud is a serious problem for small to large corporations alike. According to the Associated Certified Financial Examiners (ACFE) recent report, companies lose an estimated 5 percent of their annual revenue as a result of fraudulent activities by employees, managers, owners and executives. They also found that employees (42%) were more likely than their supervisors (38%) to commit a fraud within a company. How can you protect your business from fraud?

• Internal controls with annual risk assessment

• Inventory controls

• Internal and Independent audits

• Create management reviews and independent audit committees

• Offer fraud training for management and employees

• Have mandatory vacation and job rotation

• Create a hotline/tip line and rewards for whistleblowers