Innovative Manufacturers' Center
Driving Manufacturing Growth and Job Creation in Central Pennsylvania
Almost on a daily basis, companies of all sizes have problems with financial fraud. In fact, a recent survey from a top accounting firm shows that three out of four organizations deal with financial fraud and employee theft at some time, and fraud has increased significantly over the last few years.
Most of these instances deal with a “trusted” employee who has been stealing from the company for a long time — whether from writing invalid checks, to setting up a third party organization, to inventing a false vendor. What’s staggering is how long the fraud goes on — many years in some organizations. In these cases, correct procedures and internal controls were not followed that would have allowed for early detection to uncover the fraud and prevent further fallout. If the proper procedures are in place, it becomes very difficult for fraud to even start.
Here to help companies understand the proper procedures and accounting protocols that all companies should follow is leading accountant Bethany Novis, who specializes in fraud investigation. She will walk you through basic steps to both identify potential fraud, and to prevent it: