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The pervasiveness and cost of fraud is a widespread problem in both the private and public sector. Fraud costs the average organization 5 percent of its revenues every year. Do you have adequate policies, controls and processes in place designed to prevent fraud from occurring? If fraud occurs, do you have the tools and experience necessary for conducting a fraud investigation and quantifying losses?

Because of the nature of occupational fraud, companies and organizations need experts specifically trained in fraud investigation as well as fraud detection and fraud prevention techniques. The Brown Smith Wallace fraud and forensics team includes experienced and credentialed forensic accountants that can help you prevent and investigate fraudulent activity. Many of our professionals have earned coveted Certified Fraud Examiner (CFE) and Certified Forensic Accountant (Cr.FA) designations, and have more than 10 years of experience working specifically on fraud and forensic related engagements. Learn more about how our forensic accountants work with companies and attorneys to investigate fraudulent activity.

Occupational fraud includes three major categories—asset misappropriation, financial statement fraud and corruption—and each presents its own level of risk. Most instances of occupational fraud involve asset misappropriation, or an employee stealing an organization’s funds, inventory or an asset. Financial statement fraud, which occurs least frequently but causes the greatest losses, involves an employee intentionally causing a misstatement in a financial account or report. Cases of corruption include bribery, kickbacks and conflicts of interest.

Potential fraud perpetrators show certain behavioral red flags, including:

  • Living beyond their means
  • Experiencing financial difficulties
  • Unusually close association with a vendor or customer
  • Control issues such as an unwillingness to share duties
  • Attitude of a “wheeler-dealer”

Battling fraud is a continuous struggle for all organizations, from small businesses and large enterprises to educational institutions and government agencies. Cases of fraud often go undetected for several years, which not only costs the victim organization lost revenue, but it also inflicts a heavy toll on the organization’s reputation and employees.

To schedule a fraud assessment or request additional information on our fraud and forensics services, please contact Ron Steinkamp.

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