Posts Categorized: Focus on Fraud

Not-for-Profit Organizations Aren’t Exempt From Fraud

One requirement in the auditing standards is to ask our clients, point blank, if they are aware of any fraud within the company. This requirement is for all entities undergoing a financial statement audit, whether they are a large publicly traded corporation, a small family-owned business, or even a not-for-profit (NFP) organization. To me, the […]

Keeping sight of the big picture when it comes to fraud

Do you find that you sometimes get so bogged down in the details that you lose sight of the big picture? You know – not being able to see the forest for the trees. If you find yourself in that situation, one way out would be to borrow a concept from Stephen Covey’s 7 Habits […]

A lesson in cleaning your “accounting house”

This story, brought to us by irs.gov, illustrates a scheme that doesn’t often get a lot of attention, but it can provide fraudsters with an open door. In this case, the method used to cover up the fraud was to record automotive allowance payments to employees who were still listed as active in the accounting […]

The Accidental Fraud Detector

It is often said that hope is a wonderful virtue but a terrible strategy. The same can be said for hope as it relates to fraud prevention. I hope we hire the right kind of people.  I hope the controls we have in place are strong enough.  I hope the bank will catch anything unusual.  […]

Rounding the bases: Tone at the top goes beyond fraud prevention

Tone at the top is a very powerful fraud prevention tool, but it is also one of the most difficult to introduce into an ongoing business. Like many internal controls and cultural elements, the impact of tone at the top stretches far beyond detecting errors and fraud. A solid tone from the top executives can […]