Preventing Fraud in the Workplace

Yesterday, at the conclusion of my "Preventing and Detecting Workplace Fraud and Abuse" presentation at the National Association of Real Estate Companies (NAREC) Annual Conference, I offered the following:

Ten Antifraud Suggestions

1. Emphasize "prevention" of fraud; it's much less costly than the alternative.
2. Understand...and "break" the Fraud Triangle.
3. Segregate incompatible duties.
4. Minimize the risk of hiring an embezzler.
5. Develop and maintain a fraud policy in your organization.
6. Be aware of the fraud tree and most common workplace fraud schemes.
7. Understand and be alert for the "red flags of fraud."
8. Implement an anonymous 24-hr "fraud hotline."
9. Don't place excessive trust in financial staff, managers...or executives.
10. Become a Certifed Fraud Examiner.

I also shared this brief video clip:  What to look for in an embezzler

Comments

[Dallas CPA]

I want to say thank you for such a nice blog. The " Ten Antifraud Suggestions" you numerated here are excellent. Also, I'm looking at the Certified Fraud Examiner requirements and I might just sign up for it.(ACFE) or if you have a better channel, please let me know

[Jeff]

Dear Dallas CPA,
Thank you for your encouraging and complimentary words...and for taking the time to write them. The ACFE is indeed the best route to take for specializing in the fraud field. Let me know if you have any questions as you move forward. Have a great year in 2010!
Jeff

[Imperial Accounting Solutions LLC]

I really would like to commend you for posting such preventive ways of preventing a person from become a victim of any fraudelant. Also, would commend your suggestion on how to do that. This is really helpful in so many ways.

You really did a good job. Thank you

[Jeff]

Imperial Accounting Solutions,
I appreciate your compliments and want to thank you for following my blog!
Jeff

[Joe Meyers]

Very helpful information here! Excellent council to any business owner. Thanks for taking the time to write and share.

[Assignments]

I liked this post very much as it has helped me a lot in my research and is quite interesting as well. Thank you for sharing this information with us.

[rick dela serna]

Thanks for the tips that you posted. these tips are very helpful especially for Accounting professionals who are in the same line of work as you are. keep it up.

[rick dela serna]

thanks for the tips. Its very helpful for Accounting individuals who have the same line of work or just looking for useful information in the internet.

[Excel Statement]

Yeah, great tips. I can use this for my personal record keeping as well.

[Verna Derosier]

Great tips! Fraud and embezzlement are very serious offenses. Employers should also warn their workers that if they're caught committing fraud, they can be severely punished. Embezzlement is a felony and can cause jail time to the guilty party.

[Dating agencies Review]

Thank you for your encouraging and complimentary words...and for taking the time to write them. The ACFE is indeed the best route to take for specializing in the fraud field.