Did you know employee theft costs businesses around $50 billion each year? Or that 57% of fraud is committed by company insiders or a combination of insiders and outsiders?
While it’s easy to lull ourselves into a false sense of security, thinking that fraud could never infiltrate our businesses, the hard data tells a different story. The risks are very real and potentially devastating.
By arming yourself with knowledge, actionable steps, and the right set of internal controls, you not only set up a defensive wall against fraudulent activities but also foster a culture of integrity and accountability within your organization.
8 Best Fraud Articles
Our list of the 8 best fraud articles is an excellent starting point for strengthening your defense mechanisms against various types of fraud.
- The Financial Safety Net: How Internal Controls Protect Against Misstatements and Fraud
- Worried About Fraud in Your Business?
- 12 Things to Do If You Suspect Internal Fraud
- Watch Out for Fake ERC Plans
- When Smart Money Acts Dumb: Lessons From FTX
- Outsourced Accounting and Due Diligence
- Internal Controls Best Practices for Construction Companies
- Keeping Track of Inventory
From understanding how robust internal controls can protect against financial misstatements to keeping a vigilant eye on your inventory, these resources offer invaluable insights for businesses of all sizes. Remember, prevention is not just a one-time action but an ongoing commitment. Make fraud prevention a cornerstone of your organizational policy, and you will not only protect your profits but also gain the peace of mind that comes from knowing your business is as secure as it can be.
Don’t be a grim statistic; be part of the solution.
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