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The use of Purchasing cards or P-Cards for small dollar transactions makes a lot of sense. The cost per transaction is significantly less than that incurred when a requisition, purchase order, invoice and check payment takes place. But with the convenience of P-Cards comes an elevated risk of abuse and fraud. Compounding the risk is […]
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Many employees, contractors and consultants incur travel, entertainment and other out of pocket costs while on business trips. And fraud and abuse in out of pocket reimbursement is a well-known concern. We’re expected to know the details of these trips in sufficient depth to be able to competently review the expenses submitted for reimbursement. That’s […]
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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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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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This simple no-cost tip is missed by the majority of organizations. From the CEO down to first level supervisors, anti-fraud expectations must be said out loud. Make it a requirement that during a staff meeting every supervisor share their personal expectations with their subordinates. While discussion tailored to each supervisor’s own beliefs works best, here […]
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