Internal Control

Fraud Prevention Tip #17: Solid Internal Control Procedures

An interesting conversation last evening with four anti-fraud professionals I’ve known for years. One discussion question, “Do internal controls prevent fraud?” The consensus answer: some controls prevent some fraud sometimes! Let me explain. Anti-fraud controls are based on a two-step process. First, a meaningful comprehensive fraud risk assessment is the foundation. If done properly, this […]

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Busy Middle Managers

Fraud Prevention Tip #16: Avoid Common Mistakes

Over and over, year after year I see the same anti-fraud mistakes. Leaders are willing. They take the correct first steps to fight fraud. They speak the right words and make the right initial commitment to get anti-fraud efforts off the ground. Then they trip themselves up and undermine their own efforts by making the […]

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Fraud Prevention Tip #15: How to Estimate Your Fraud Losses

Fraud Prevention Tip #15: How to Estimate Your Fraud Losses

For 15 years, I’ve been asking this simple question of financial and audit leaders at live training events. “How much did your organization lose to wrongdoing, theft and fraud last fiscal year?” Answer: Very few leaders even try to estimate their actual losses. Most CFO’s have no idea and they believe it can’t be calculated. […]

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I want GREAT results

Living ‘Better!’

Jennifer brought an interesting perspective to the coaching meeting. “I’m tired of just getting good results in my life. I want GREAT results.” Wow – that was a challenging opening statement. So I pushed her for details. “My boss just gave me my annual review, and he said I was doing good work. He said […]

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fraud risk assessment

Fraud Prevention Tip #14: Perform a Useful Fraud Risk Assessment

At least twice every week, a seminar participant will ask about how to conduct a useful fraud risk assessment. Here’s why. Starting with the Sarbanes-Oxley Act in 2002, regulatory initiatives have suggested or required organizations to perform a ‘fraud risk assessment’. Unfortunately, there’s minimal guidance out there on exactly what’s involved and how far to […]

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