Focus on Fraud

It’s common knowledge that internal controls are important for preventing and detecting fraud. Separation of duties, multiple layers of review, two check signers for large disbursements, and written policies and procedures to formalize everything; these are all good elements for a strong internal control system. But poor tone at the top can undermine the whole […]

When it comes to fraud, it is true that we live in a technological age of cyber-threats, such as ransomware and account hacking.  However, one should always remember that the opportunity to commit fraud can be as simple as not having basic internal controls. This fraud story comes to us from Brownsville, Pennsylvania and involves […]

Occupational fraud doesn’t always translate to hard cash leaking out of the company’s bank account. This article from the Rochester Democrat & Chronicle discusses an ongoing case about the alleged employee theft of over $2 million worth of diabetes test strips, illustrating how noncash fraud can be very lucrative in the right circumstances. Enabling Factors First of […]

As an auditor, I’ve seen my fair share of fraud attempts. But personally, I had not experienced such an attempt against an organization I was volunteering with – until now. I have the dubious distinction of being among the hundreds of thousands who have received a social engineering phishing email (i.e., solicitation of information by […]

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