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WNDE FRAUD DETECTION AND PREVENTION SERIES – INTRODUCTION
Dishonesty and unethical business practices are common in the business environment. For example, the Association of Certified Fraud Examiners estimates that a typical organization loses about 5% of its revenues each year to occupational fraud. Accordingly, fraud is an ever-present risk to businesses.
As a service to our clients, WNDE will feature a series of articles over the next year on fraud detection and prevention. Noted below are the subjects that we will be featured in our 2017 newsletters:
- Red flags that fraud may be occurring at your business
- How to develop a successful fraud prevention program
- Developing a fraud “hotline” that employees can trust
- Basic controls over wire transfers
- Illustration of basic controls over wire transfers
- Controls over Automated Clearing House (ACH) transactions
- Controls over cash registers and cash receipts
- Detection and prevention of purchasing fraud
- Use of “data analytics” to detect or prevent purchasing fraud
- Key controls to prevent inventory fraud.
At the end of this series, you should have a clear set of fraud detection and prevention tips that will help strengthen your business practices and reduce losses that may occur from fraud.