Fraud
isn’t limited to complicated businesses.
The risk for privately held businesses is even higher.
According to the “2006 Report to the Nation on
Occupational Fraud and Abuse,” published by the
Association of Certified Fraud Examiners (CFEs):
-
51% of
fraud cases occurred in private or not for profit
companies and 36% occurred in companies with fewer
than 100 employees.
-
The median
loss experienced by small businesses was $190,000!
According to
the report published by the Association of CFEs:
Categories of Fraud
| Asset
Misappropriations: |
Any scheme
that involves the theft or improper use of company
assets |
| Corruption: |
The use of an employee’s
influence in a business transaction to obtain an unauthorized
personal benefit |
| Fraudulent
financials:
|
Falsification
of company's financial statements |
Gaines Kriner Elliott LLP’s Fraud Prevention
Team can assist you with:
• Evaluating
Internal Controls
• Mitigating Fraud Risks
• Develop an Appropriate Oversight Process
• Improving Corporate Governance Procedures
• Developing an Audit / Finance Committee
• Develop Risk Assessment Procedures
• Internal Audit Procedures Design
Gaines Kriner Elliott can provide you with an evaluation
of your company’s process for identifying, assessing,
and responding to the risks of fraud. We will provide
recommendations for improving internal controls and if
needed, suggest operational changes. Our Fraud Prevention
Team will work with you to implement your fraud prevention
program and help establish an internal oversight process
to reduce your risk of fraud in the future.
|
