Print Page   |   Your Cart   |   Sign In
Business
Group HomeGroup Home Blog Home Group Blogs
Search all posts for:   

 

View all (686) posts »
 

Fraud: Does Size Matter?

Posted By George (Clint) Frederick CPA PLLC, George Frederick CPA PLLC, Friday, June 17, 2016

FRAUD:  DOES SIZE MATTER?

Henrique Haruki Cavalcante, commented in the General Forum of the Association of Certified Fraud Examiners (ACFE) an article titled "Topic:  Should I be worried about fraud in my (small) business?”  Henrique is an attorney with the Corporate and Bankruptcy firm of Machado Gobbo Advogados.  Henrique analyzed the recently released ACFE 2016 Global Fraud Report.  He concluded that organizations of different sizes tend to have different fraud risks.  For example, corruption is more prevalent in larger organizations, whereas check tampering, skimming, payroll, and cash larceny schemes are twice as common in small organizations.  The loss suffered by small business (less than 100 employees) was the same as the big boys. Size really does not matter – it is the way it is done that counts.

Why?  Small business owners do not give much thought on implementing anti-fraud controls in their organizations, such as adopting internal controls and policies, or establishing a hotline for anonymous whistleblower calls.  The owners do not believe a long-time and trusted employee will steal from them.  With fraud controls implemented, fraud losses are reduced as much as 54% and detected 50% faster.  The most effective control is a hotline.  It accounts for nearly 50% of frauds detected.

Fraud is not prejudiced.  It can impact any size of company.  

Tags:  business owner  fraud  small business 

Share |
Permalink | Comments (0)
 

Join Fasturtle on 12/12

FT

Join Eric Olsen, Fasturtle Digital, with Search Engine Optimization (SEO) & Content:
How SEO and content marketing can help bring relevant traffic to your website.

REGISTER

Join ASBA

ASBA

ASBA is the most powerful resource for your business in Arizona. We ensure the tools we offer are valuable and support the growth, education and connections necessary for today’s top business minds.

LEARN MORE

Partner Program

ASBA

ASBA’s Partner Program delivers your brand throughout Arizona. Share insights, connect with small business and highlight your company’s involvement with the association. Contact Jodi Towns to get started.

LEARN MORE

RSVP

Coffee Connect with ASBA

REGISTER

Date: Held monthly
Time: Click for times based on location

RSVP

ASBA Speed Networking

REGISTER

Date: Held monthly
Time: Click for times based on location

Have Questions on Health Insurance?

Health Insurance

Do you have questions on plans for Individual, sole proprietor, or group? We can get the answers needed to make sure you find the right plan for you and your employees.

LEARN MORE

ASBA Ask a Lawyer

ASU Law Group

ASU Law Group is here to help you with your small business legal needs! Fill out the form today and an ASU Law Group attorney will reach out to you. Only for Business/APEX members.

ASK A LAWYER

Upcoming Events

Health+Plus

Join ASBA at any of our upcoming events!

REGISTER

Association Management Software Powered by YourMembership  ::  Legal