|
According to the Association of Certified Fraud Examiners,
U.S.
organizations lose five percent of their annual revenues to fraud - roughly $652 billion a year. The median loss is $159,000, but one-fourth of the cases result in losses of at least $1 million.
Nancy Ridenour, one of PDR’s partners, is a Certified Fraud Examiner. A Certified Fraud Examiner has the background to help prevent, detect and investigate fraud. "I've performed fraud investigations on inventory misappropriation, financial statement fraud, payroll theft and executive fraud," said
Nancy
.
Forensic accounting is becoming a significant area for clients because white collar crime has become so common. According to
Nancy
, the potential for fraud or misuse of funds has increased over the years with the sophistication of people who are committing fraud as well as the increased reliance on computer systems.
It is important to have trusted employees, but if you put too much financial authority in the hands of just a few employees, you are asking for trouble.
read more |