Fraud Risk Assessment

Posted on 02.18.10

Fraud Risk Assessment

*Due to constantly changing regulations, please consult your tax and accounting professional for the most up to date information on this and any topic that you research online.

The Richmond Times-Dispatch ran an article on common fraud schemes.  The schemes detailed in the article can be found in companies of all shapes and sizes and are often perpetrated by long time employees.  Several of our clients have encountered similar schemes over the years including fictitious vendors, loose cash handling controls and management override of controls to name a few.

The article is also relevant due to the recent guidance published by the Institute of Internal Auditors (IIA).  The IIA’s publication on “Internal Auditing and Fraud” provides a clear outline of organizational responsibilities and internal processes to implement that will help you prevent and detect fraud occurrences.

Do you have methods to prevent and detect fraud in your organization?  How would you handle a fraud if you suspected it was occurring?  Would you be interested in performing a Fraud Risk Assessment to determine your organization’s fraud risks and associated controls?

The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

Posted by: Keiter CPAs

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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