The “hidden” nature of fraud is what makes its impact on businesses so difficult to measure. However, there are several things businesses can do to lessen the likelihood of fraud. Among them are:
- Implement hiring controls. Perform thorough background checks and rehire testing.
- Develop strong company policies to control and cross-reference potential fraud areas.
- Segregate duties and give clear lines of responsibility.
- Require proper documentation consistently.
- Conduct independent surprise audits of systems
- Create physical safeguards and security controls
- Maintain effective personnel policies, including rotation of assignments and mandatory vacations.
- Enforce policies (and cases of fraud) with strict repercussions and/or punishment.
Allan Smith & Company, CPAs PC fraud prevention and detection professionals are experienced in reviewing internal controls, systems and procedures and making suggestions and recommendations for improvements to prevent occupational fraud and financial loss. In addition, our assurance team uses our knowledge of your industry and your business to help you move quickly to uncover and analyze any suspected fraud, assess damages and provide effective support.
We have Superior Court recognized “Expert Witness” staff able to efficiently and competently support, both, civil and criminal actions on behalf of our clients with proven success in securing the desired results.