Internal Controls
New ACFE Study: Knowledge Is Power in the Fight Against Fraud
Every two years, the Association of Certified Fraud Examiners (ACFE) publishes a study detailing the costs, schemes, perpetrators and victims of occupational fraud. “Occupational Fraud 2022: A Report to the Nations” was recently released. It covers more than 2,100 cases of white-collar crime, occurring in 133 countries. Consistent with the previous study, the 2022 report estimates…
Read MoreOversight and Controls are Key to Limiting Fraud in Nonprofits
Recently, the Association of Certified Fraud Examiners (ACFE) published its biannual Report to the Nations: 2022 Global Study on Occupational Fraud and Abuse. Of all the types of organizations surveyed by the ACFE, not-for-profits actually were the least likely to experience occupational fraud. However, nonprofits also are generally the least likely to be able to…
Read MoreDos and Don’ts of Crisis Management for Contractors
From the Great Recession of more than a decade ago to the ongoing COVID-19 pandemic, construction companies have endured some tough lessons over the years. To help you avoid learning some things the hard way, we’ve compiled a list of what contractors have generally done right and wrong when these and other crises have hit.…
Read MoreFederal Tax News for Businesses
1. Court Limits Sole Proprietor’s Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business purpose of trips and miles driven. In one case, a personal trainer filed tax…
Read MorePart of the ‘New Normal” May Be More Fraud
According to “The Next Normal: Preparing for a Post-Pandemic Fraud Landscape,” released by the Association of Certified Fraud Examiners (ACFE) in September 2020, half of U.S. companies uncovered more fraud after the COVID-19 pandemic began than they experienced before. So if you’re now welcoming employees back in person or getting your business back to full…
Read MoreFending Off Fraud in Your Practice with Good Internal Controls
Construction Contractors: Fraud Prevention Starts With You
From equipment theft to padded time to cyberattacks, contractors are vulnerable to a variety of fraud schemes. According to the Association of Certified Fraud Examiners, the median loss due to internal fraud is $200,000 for construction companies — significantly higher than the $125,000 for all industries. Many factors make businesses in the sector rife for…
Read MoreA Good Business Plan Can Help Your Practice Thrive
For healthcare professionals who are obtaining loans to expand their practices — or simply to set up operations — generating a business plan makes sense. And with the current economic uncertainty brought about by COVID-19, it’s even more important. This article points out that a good business plan will enable physicians to operate a successful…
Read MoreWhat Can You Do to Prevent Employee Fraud?
Employee fraud costs industries billions of dollars a year. It’s important to be aware of the potential for misdoings in your healthcare practice, organization or business and take steps to prevent them by closing down opportunities. Ensure that your internal controls are designed to provide maximum protection. What is it? The most common forms of…
Read MoreFraud Awareness and Prevention
November 15 – 21, 2020 is International Fraud Awareness week. Being aware of fraud and implementing good practices in your organization should not be reserved for one week per year, but practiced all year long. Learn more about our Forensic Accounting Services. Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud,…
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