PREVENTING BUSINESS FRAUD

ISSUE

Business owners are faced with making financial decisions on a daily basis – decisions that could adversely impact the company if someone intends to deceive or deprive the company of funds. How do you determine if an invoice is genuine? What’s the best procedure for making inquiries or asking for references before extending credit? Do you have a Privacy Policy in place (a legal requirement) to ensure the personal information of your customers and employees is secure? Every company needs a due diligence process in place that prevents fraud and reduces the risk of income loss relating to the extension of credit and hiring of new employees. And though you may ask why would anyone commit a fraud for which they didn’t receive a personal gain, statistics have shown time and again that employees will commit financial statement fraud in order to meet budgetary goals, earn bonuses or salary increases, and secure bank loans.

SOLUTION

Though no business owner wants to feel any employee is an unscrupulous person, sometimes temptation or personal financial pressures can push even the hardest working, most trusted employee into perpetrating fraud. Considering the potential losses, it pays to make fraud prevention a business priority. Analyzing how fraud can happen is a big part of establishing controls to prevent it from occurring. Take some time to consider if your organization could strengthen controls in a particular area.

Bond Beebe Forensic Accounting professionals are expert at identifying and confirming fraud, determining the extent of any fraudulent activity and finding any procedural gaps to get you into a more secure position. We assist legal counsel with fraud investigative work, as well as review, revise and/or create accounting procedures and controls; advise best hiring and monitoring practices; perform and suggest auditing procedures and schedules; and create audit policies for your business while suggesting and implementing steps for fraud prevention.

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