Benefit Plan Fraud Prevention: Developing Operational Controls for Payroll Audits |
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Wednesday, 16 May 2012 |
Posting by Jennifer Hohman, CPA
P: 301.272.6011 | E:
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There are several fraud risks inherent in the payroll audit process for multiemployer employee benefit plans, as well as risk that the revenue will be lost from inefficient operations. When was the last time you analyzed your payroll audit process to see if it complies with your internal control policies? How efficient are your payroll audits?
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Ten Fraud Prevention Tips for Small Businesses: Top-Down Corporate Ethics |
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Monday, 21 November 2011 |
Posting by Tara McKinney, CPA
P: 301.272.6018 | E:
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As accountants, we often witness instances where strong employee ethics have prevented fraud. As required by Statements on Auditing Standards No. 99 for financial statement audits, auditors interview and inquire of management and employees within the entity itself about the risks of fraud, effectiveness of controls in place in the organization, any known or suspected fraud, and other various topics relating to fraud. In many instances, personnel will enlighten us with one or more ways that they believe a person could commit fraud or steal from the organization. They may also explain shortcomings they see in the internal controls, some of which management had not yet considered. In these cases, strong ethics – and not proper controls - have prevented fraudulent acts.
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Employee Fraud - Behavioral Signs and Indications |
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Tuesday, 08 November 2011 |
Posting by John Merchant, CPA, CFE
P: 301.272.6030 | E:
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Employers often ask whether there are any signs to look for or other indications of fraud being perpetrated by their employees. Following are a few examples of things to look for.
The employee has a sudden need for cash. Employees who are basically honest and who would normally not even consider stealing from their employer may have a change of heart when confronted with a sudden need for cash. For instance, the employee’s spouse suddenly loses his/her job or has a drastic reduction in compensation. Or, a child or parent becomes seriously ill or injured and there is a need for expensive medical treatment. A sudden change of circumstance often provides motivation for a change in behavior.
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Ten Fraud Prevention Tips for Small Businesses: Assess Potential Fraud Risks on an Ongoing Basis |
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Wednesday, 19 October 2011 |
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Posting by Debra Andrews
P: 301.272.6094 | E:
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Identifying potential risks and instituting proper internal controls to mitigate these risks are essential components to effectively preventing occupational fraud. However, the risk assessment process must be a dynamic and continuous. As a company grows and changes, such as adding new employees and/or IT systems, it is important to reassess potential risks and revisit the internal control policies to ensure that they are still accomplishing their intended goal. Even if a company has not experienced major staff or structure changes, assessing control policies and risk areas on a regular basis will help to prevent fraud.
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Telemarketing: Is it Legitimate or a Fraud? |
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Thursday, 29 September 2011 |
Posting by John Merchant, CPA, CFE
P: 301.272.6030 | E:
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At some point, you have probably received a phone call from a telemarketer trying to convince you to take advantage of an exceptional deal or asking you to contribute to a worthwhile charity. Beware of such calls. Fraud in telemarketing has become so serious that the Federal Bureau of Investigation has posted warnings, describing some of the schemes and what you should do to protect yourself from them.
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