Closely held businesses and even nonprofits are not immune to fraud.
It CAN happen to you-
It is an unfortunate fact that higher levels of trust present greater opportunities for fraud. Small businesses suffer disproportionate fraud losses, according to the "2006 Report to the Nation on Occupational Fraud and Abuse" by the Association of Certified Fraud Examiners (ACFE). The report found that the median loss suffered by organizations with fewer than 100 employees was $190,000 per scheme- higher than the median loss in even the largest organization studied.
Ugly words for expensive SCHEMES
Bribes, kickbacks, skimming, larceny, fraudulent disbursements, corruption, conflict of interest, economic extortion, illegal gratuities, fraudulent statements, asset misappropriation…. One reason small businesses suffer such high fraud losses, according to the ACFE report, is that they generally do a poor job of proactively detecting fraud. More small business frauds are discovered by accident than by any other means.
Why call a Certified Fraud Examiner?
A CFE is an objective expert who can:
• Investigate allegations against one of your employees
• Recommend strong anti-fraud internal controls
• Conduct interviews related to sensitive issues
• Provide assistance with financial dispute resolution
• Resolve irregularities discovered during your company’s audit
• Provide expert testimony on financial and investigative matters
A CFE understands complex financial transactions and:
• Fraudulent financial transactions
• Criminology and ethics
• Legal elements of fraud
• Fraud investigation
A CFE has the ability to:
• Identify and reduce opportunities for fraud
• Implement anti-fraud controls
• Continuously improve anti-fraud measures
• Educate employees to deter fraud and report wrongdoing
• Resolve allegations or suspicions of fraud
• Assist in the recovery of fraud losses
