Occupational fraud can happen anywhere, even at small businesses.
“Unfortunately, small business and organizations are particularly vulnerable to occupational fraud because they lack the resources to properly implement internal controls and segregate accounting duties among their limited number of employees,” writes Janice Jasinski, CPA, in the July/August issue of CPA Voice.
She says that many organizations adopt a “it can’t happen here,” mindset, which can prove detrimental to the business. Jasinski shared data from the Association of Certified Fraud Examiners biannual study on fraud.
“Fraud detection methods play a big part in the length and dollar amount of the fraud,” she writes. “A company that utilizes proactive detection methods tends to detect fraudulent activity more quickly and have lower losses than companies that become aware of the fraud through no effort of their own, including notification by the police or by accident.
Read the entire article available now in the July/August issue of CPA Voice.
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