Ask employees whether padding expense account reports is wrong and just about everyone will say “yes.” Yet inflated expenses continue to cost businesses thousands of dollars annually. For this reason, every company must establish the right policies to stop it. How it works To stop expense padding, you need to know how it.
Forensic accounting….sounds like good fodder for an episode of CSI or Matlock, doesn’t it? Perhaps, but forensic accounting isn’t just for television. In reality, it’s an accounting specialty that’s becoming more and more popular in the business world.? Forensic accountant are professionals who can help resolve disputes involving fraud and testify as an expert.
According to the Association of Certified Fraud Examiners (ACFE) 3.4% of all reported fraud cases were attributable to the construction industry. That’s a relief, right? Not necessarily, the median loss per case is $140,000 which is one of the highest of all industries. Fraud in the construction industry is not to be ignored. The myth.
Let’s say you receive a tip that someone inside your company is stealing. An investigation is launched and there is evidence of fraud. But important details of the investigation are mishandled, which results in the company losing out on the opportunity to recoup losses, prosecute those involved, and set an ethical tone. To help ensure a successful outcome, here are six costly mistakes to avoid when investigating internal fraud.
Every time you withdrawal cash from an automated teller machine (ATM), buy movie tickets from a vending kiosk, or pump a tank of gas, you could become the next victim of “skimmer fraud.
Fortunately, you can take a few precautionary measures to stop skimmers from stealing your payment card numbers!