Fraud Assessment for Small and Medium Sized Businesses

Overview

It is virtually impossible to pick up the daily newspaper and not find an article on some type of fraudulent event. In the wake of the “Era of Fraud, Waste and Excess,” one might suspect that potential fraudsters would think twice before committing illegal acts. However, just the opposite seems to be the case.  Is there really more fraud or is there simply more fraud awareness?  The harsh reality is that it is a little bit of each.  Not only has fraud worldwide reached a level of over $7.0 billion in lost  revenue but savvy C-level executives now realize that it could happen to their companies—very easily. When you put these facts together, it adds up to a completely new era of vigilance.

Prerequisites

None

Objectives

• Reviewing the basics of fraud
• Creating a fraud-savvy model
• Stopping fraud in its tracks
• Understanding 10 steps for action today

Highlights

• The fraud triangle
• The fraud savvy model
• Symptoms of fraud
• Benford's Law
• The net worth method
• The vulnerability chart
• 10 steps for action today