Fraud, it could happen to you
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Fraud, it could happen to you
- 1. FRAUD,it could happen to you Presented by: Laura Gannon, CPA SULLIVAN AND GANNON, LLC 22 Central Square Chelmsford, MA 01824 www.sullivangannoncpas.com
- 3. a deception intended to result in personal gain
- 4. tricking someone out of their assets
- 6. For every $1 of fraud, NET INCOME is reduced by an equal amount .
- 8. Age group of highest instances of fraud involves both men and women between the ages of 35 and 44 years old.STOP & THINK… Why is it easier for a long-term employee to commit fraud? Owners/managers have confidence in these employees’ abilities to perform their duties and often don’t monitor them closely as they are considered trusted employees.
- 10. Most prevalent type of fraud
- 11. Employee embezzlement: employee misappropriates/uses company assets
- 12. Vendor Fraud: vendors work w/employee to steal company assets
- 13. Customer Fraud: customers work w/employee to steal company assets
- 14. Fraud committed on behalf of businesses -
- 15. Financial statement fraud or management fraud
- 17. Financial
- 18. Vices
- 19. Work-related
- 21. Lack of internal controls
- 22. Lack of an audit trail
- 23. Rationalization
- 24. The company owes me
- 25. No body is getting hurt
- 26. It’s for a good purpose
- 29. Management must be a proper model
- 31. Check at least 3 references
- 32. Perform credit and background checks
- 34. Implement a code of conduct policy
- 35. Cultivate a positive work environment
- 37. Think like a thief… How can fraud be perpetrated in your company?
- 38. Implement appropriate internal controls to eliminate risks
- 44. Widespread monitoring by EMPLOYEES
- 45. Most frauds are discovered by employee complaints and tips.
- 46. Create a whistle-blower policy so employees have an avenue by which to report abuses/potential fraud acts.
- 48. An A/R clerk who makes $20,000 a year, but drives a high-end Lexus and takes extravagant vacations frequently .
- 51. Inability to look others in the eyes
- 52. Defensiveness
- 53. Irritability
- 56. Media reports may suggest financial statement fraud is pervasive, but the fact is the majority of all frauds are employee embezzlements.
Hinweis der Redaktion
- Loose or StructuredExecutive Summary –mission statement –what makes you different –what experience you bring to the business Marketing Analysis-who to market to and howCompetitive Analysis-what is going on in your industry and with your competitors; strengths and weaknessesStrategy-how to excute the planProduct/Service detail(include limits)Marketing and Sales-costs and potential revenueOperation-management-employees-structureFinancials-project the costs and the potential revenue
- Loose or StructuredExecutive Summary –mission statement –what makes you different –what experience you bring to the business Marketing Analysis-who to market to and howCompetitive Analysis-what is going on in your industry and with your competitors; strengths and weaknessesStrategy-how to excute the planProduct/Service detail(include limits)Marketing and Sales-costs and potential revenueOperation-management-employees-structureFinancials-project the costs and the potential revenue
- costs
- Corporations/llc’s and llp’s need to be registered with the corporations divisions with sec of state