|
Fraud Detection/Deterrence
|
 According to the Association of Certified Fraud Examiners (ACFE), one the leading associations for the fraud detection/deterrence industry, the term ‘occupational fraud’ may be defined as: ‘the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.’
Meg Holland & Associates, PC, CPA, is extremely qualified to assist your company in the detection and documentation of an existing or suspected fraud (or embezzlement scheme), as well as, interrogation of potential suspects and other related parties, the preparation of detailed reports and expert testimony. In addition, Meg Holland & Associates, PC, CPA, can aid your company in the preparation and implementation of fraud prevention practices, as well as, analyze your company for internal control weaknesses. Meg Holland is a Certified Fraud Examiner (CFE) and a Certified Internal Auditor (CIA).
Did you know that …
- Occupational fraud and abuse impose enormous costs on organizations. The median loss was $159,000 and nearly one-quarter of the cases caused at least $1 million in losses.
- Occupational fraud schemes can be very difficult to detect. The median length of the schemes was 18 months from the time the fraud began until the time it was detected.
- Occupational frauds are more likely to be detected by a tip than by other means such as internal audits, external audits or internal controls.
- Certain anti-fraud controls can have a measurable impact on an organization’s exposure to fraud. Organizations that had anonymous fraud hotlines suffered a median loss of $100,000, whereas organizations without hotlines have suffered a median loss of $200,000.
- The size of the loss caused by occupational fraud is strongly related to the position of the perpetrator. Fraud committed by owners or executives caused a median loss of $ 1 million. This is nearly five times more than the median loss caused by managers, and almost 13 times as large as the median loss caused by employees.
- Most of the occupational fraud schemes in the ACFE study involved either the accounting department or upper management. Just over 30% of the occupational frauds were committed by employees in the accounting department, and slightly more than 20% were committed by upper management or executive-level employees.
All of the statistics cited above appear in the Association of Certified Fraud Examiner’s 2006 Report to the Nation on Occupational Fraud & Abuse. Click here to read the complete report. “The report sheds light on the prevalence and costs of occupational fraud and offers insights into the most effective means of prevention and detection.”
|
Practice Areas 
