• INTERNAL AUDIT • FRAUD MANAGEMENT • COMPLIANCE
Any misrepresentation, either by misstatement or omission of a material fact, knowingly made with the intention of deceiving another and on which a reasonable person would and does rely to his or her detriment. (West Business Law)
WHO'S STEALING FROM YOU?
According to the Association of Certified Fraud Examiners, businesses on average lose ~ 5% of their revenue to some type of occupational fraud or abuse! Can your business afford to lose 5% of it's revenue? Imagine how long it would take to make that money back! (2010 ACFE Report to the Nations)
FRAUD? NOT AT MY COMPANY
Actually, we hear this a lot. Particularly in small businesses. This is one of the reasons that the ACFE found that small businesses are hardest hit by fraud. Many times small business owners are just to trusting. We hear things like: "we have an annual audit", "The accountants would catch it", "My employees are honest", "That would not happen here"... the list goes on. Unfortunately, many times we are called back to these same organizations at a later date to help with an investigation - after the fact and after the money is long gone. These statements are generally fallacies. If you remember one thing, remember this: audits catch fraud 4.2% of the time they are caught by ACCIDENT 9.3% of the time and through a tip 37.8% of the time (ACFE 2010 RTN). Don't rely on your auditor to detect fraud in your business!