Clark Nuber launches Fraud Hotline
Bellevue, WA – Clark Nuber PS, a CPA and consulting firm headquartered in the Seattle metropolitan area, launched the Clark Nuber Fraud Reporting center on February 25, 2015. This provides companies who purchase the service a way for employees to report fraud in a secure and anonymous way.
“This is a service Clark Nuber has been wanting for a long time and we are excited to launch it this month. Although tips are the most common way fraud is discovered, people feel really concerned about making the call to report it. This new tool will remove that concern and allow companies to be proactive in policing themselves and their teams. Employees can get this information off their chest, and management will have information they otherwise wouldn’t have had. When fraud is reported, everyone benefits. Well, except the person committing fraud,” said Pete Miller, the Clark Nuber Shareholder behind the project.
According to the Association of Certified Fraud Examiners 5% of all revenues are lost annually to fraud. With an average 18 month duration for each fraud, companies saw a median loss of $145,000, with 22% seeing a loss of at least $1 million. On average, companies that have a fraud reporting hotline cut the cost of fraud by 41% and the time to detection by 50%.*
About Clark Nuber
Clark Nuber serves privately held and family businesses, angel and venture-backed companies, public companies, foundations, not-for-profit and public sector organizations, and high net worth individuals and their families. Our services include financial statement audits, internal audit support, risk management, internal control systems, indirect cost rate, merger and acquisition and billing/reimbursement consulting, federal, state, and international tax planning and compliance, CFO/Controller/accounting services, and specialty audits including employee benefit plans and government grants.
*Statistics from the Association of Certified Fraud Examiners Report to the Nations Global Fraud Study 2014