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Fraud Prevention & Detection

Fraud is an expensive and serious problem that can occur in virtually all organizations. A recent report* revealed some noteworthy facts about fraud:

  • More than eighty-seven percent of asset theft involves the theft of cash.
  • The typical U.S. organization loses 5% of its annual revenues to fraudulent activity.
  • More than one-fifth of frauds in the study caused at least $1 million in losses.
  • Median fraud loss in small businesses is approximately $140,000.
  • The median loss by organizations with fewer than 100 employees is $200,000.
  • Lack of adequate internal controls was most commonly cited as the factor that allowed fraud to occur.

Internal control studies can help your organization identify weaknesses in your procedures and assist in developing procedures to help you deter fraud and assist in detecting fraud, if it occurs. Organizations of all types and sizes are susceptible to fraud, but small organizations (those with a lack of staff for proper segregation of duties) are usually the easiest targets.

Riney Hancock CPAs can provide an analysis of financial records in conjunction with fraud and theft detection and prevention. Our Certified Public Accountants (CPA) and Certified Fraud Examiner can assist you with internal control studies to prevent fraud in your organization.

Please contact us for more information about how your organization can fight fraud more effectively.

*Association of Certified Fraud Examiners’ Report To The Nation On Occupational Fraud and Abuse

 

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