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Without a sound internal control system to help deter fraud, your company could be skating on thin ice. According to the Association of Certified Fraud Examiners 2006 Report on Occupational Fraud and Abuse:
- The median length of a fraud scheme is 18 months.
- It is estimated that companies lose approximately 5 percent of revenues to fraud annually.
- The median loss to organizations with less than 100 employees is $190,000.
- Anti-fraud controls have a significant impact on the amount of loss.
- Frauds involving multiple people (collusion) involve much larger losses than those committed by single individuals.
- The most cost-effective way to deal with fraud is to prevent it.
Relevant article -- Turnaround/Restructuring Group sees forensic investigations increase at distressed companies
KraftCPAs' fraud investigation unit assists businesses, attorneys, insurance companies and others by conducting detailed investigations of suspected fraud and providing fraud prevention services. Our team members are Certified Forensic Accountants (Cr.FA) in addition to being CPAs. Services include:
- Investigating financial statement fraud
- Investigating tax, healthcare and bankruptcy frauds
- Investigating employee theft
- Investigating check kiting
- Tracing money or assets
- Determining the reasonableness of insurance claims
Internal control studies can help
With an internal control study, we can help identify weaknesses in your systems and recommend policies and procedures to help you deter fraud and help detect it if it occurs. Businesses of all types and sizes are susceptible to fraud, but small businesses are often the easiest targets. |
Fraud Investigation
and Deterrence
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