Fraud Prevention Tip #49: How to Deal with Employee Theft

Fraud Prevention Tip #49: How to Deal with Employee Theft

Anti-fraud efforts usually lean towards managing external threats. But your largest exposure is from employees simply because they are already inside your circle of trust. When we find out that a trusted employee has been stealing from the organization, it can be really difficult to know how to proceed. The theft in question could be […]

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preparation for fraud incident

Fraud Prevention Tip #43: Build The Response Team Before It’s Needed

Near our home, there’s a city firehouse. Inside 24 hours a day are trained professionals ready to go when the alarm sounds. Their equipment is maintained in outstanding condition, their trucks are fueled, and their protective jackets, boots and helmets are already in place. They don’t wait for the alarm to go off before thinking […]

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board members

Fraud Prevention Tip #41: Train Your Board Members

There is an assumption that once an individual is accepted into a Board position, they are qualified to provide governance oversight of the organization’s anti-fraud efforts. But for most Board members, nothing could be further from the truth. History is filled with examples of corporate corruption and fraud at the highest levels that occurred right […]

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Avoid Form Over Substance in Managing Risks

Fraud Prevention Tip #39: Avoid Form Over Substance in Managing Risks

I’ve been a professional auditor for almost 40 years. And I’ve seen it over and over and over again – hundreds if not thousands of times. Form over substance controls and behaviors targeting fraud risks. Here’s what I mean: • Two signatures are required on transactions over a threshold like $5,000. But neither signer knows […]

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Approving Travel and Entertainment Expenses

Fraud Prevention Tip #37: Approving Travel and Entertainment Expenses – Good Questions to Ask

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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