by Bob Nemeth, CPA/ABV, CVA, CDFA, CFE | Principal – Business Valuation
Did you know internal control weaknesses were responsible for nearly half of all occupational frauds according to the 2018 Global Study on Occupational Fraud and Abuse conducted by the Association of Certified Fraud Examiners?
Furthermore, these weaknesses contributed to organizations losing 5% of their revenue to fraud each year. The median fraud loss was $130,000. Losses due to financial statement fraud schemes were significantly higher.
The study also concluded that anti-fraud controls were associated with lower fraud losses and quicker detection. Don’t let your business become part of these statistics.
How Can You Prevent Fraud?
As part of the ongoing fight to prevent fraud, AGP is now introducing a complimentary Fraud Risk Assessment.
The Fraud Risk Assessment will help identify areas of potential fraud risk in your company.
An AGP Certified Fraud Examiner (CFE) will assist your company’s management in completing the fraud prevention check-up questionnaire and interpreting the resulting score. The initial check-up takes about an hour to complete.
Based on your results, we can provide additional risk assessment for specific areas of concern as well as recommend appropriate controls to help mitigate these vulnerabilities.
Here’s an article on basic internal controls that all business owners should enforce to get you started thinking about the controls in place at your company.
For more information and to schedule your complimentary, one hour Fraud Risk Assessment, contact Bob Nemeth, CPA/ABV, CVA, CDFA, CFE | Principal – Business Valuation at email@example.com or 216.674.3734.