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Fraud Prevention Services

FraudEx

Our Four Step Internal Fraud Reduction System

Fraud Prevention

With our fraud professionals, we have designed a four step system to help you in the battle against internal fraud:


    1. Assessment Our team evaluates your internal controls and separation of duties. We perform on-site interviews with you and your staff. In these interviews we assess and examine all of the financial systems related to your banking, payroll, accounts receivable, accounts payable, cash transactions, credit cards,inventory, and more.
    2. Recommendations From our assessment phase, we provide you with an oral and written report of recommendations to reduce the potential for fraud in your organization.
    3. Education From the assessment and recommendation phases, we provide onsite training and education to you and your staff.
    4. Monitoring Knowing that someone is going to check on their work is a huge deterrent to fraud. On a periodic basis, our staff will come in unannounced to perform a random check of your financial records. Please note, this is not an audit, but a high-level spot check.

    According to research conducted by the Association of Certified Financial Examiners:
    > The typical organization loses 5% of its revenues to fraud each year.
    > The median loss caused by occupational fraud cases was $140,000. More than one-fifth of these cases caused losses of at least $1 million.
    >The presence of anti-fraud controls is correlated with decreases in the cost and duration of occupational fraud schemes.

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