Business Fraud Detection and Deterrence
How Much of Your Profit
is
Walking Out The Door?
Let’s look at the facts. You’re a good business person. You’ve endured many hard knocks, paid your dues and generally have your business running profitably. Sure, the economy may be in a downturn, and the government isn’t doing all they can, but your company is performing well under the circumstances. It has taken a while to get the right people in the right positions but now you have them there and life is good. Or is it?
- 70% of all businesses have experienced some kind of fraud.
- Of the few cases that are prosecuted, only 10% of stolen assets are recovered.
Sure, you’re thinking, “These numbers can’t apply to my company, they might apply to the offices next door or maybe a “big” company, but not me. I know my staff and they wouldn’t dare rip me off. Or would they?”
The Association of Certified Fraud Examiners cites the above statistics from recent national data. We’re talking 7 out of 10 businesses nationwide! With only 10% recovery!
More startling numbers from the report:
- Employee fraud costs businesses somewhere around $400 Billion annually.
- While the average bank robbery nets only $250, the average detected fraud is $159,000.
Companies fail as a result of fraud on a regular basis. Given the opportunity, the odds prove that someone will take advantage of loopholes and overlooked security breaches. It is the lack of well designed accounting and fraud deterrence systems that allows fraud to occur. It is the lack of fraud detection that allows fraud to continue. These systems can be simple to implement and afford tremendous protection for you and your company.
As you can deduce from the aforementioned numbers, it can be far less expensive to have fraud review performed in advance to find out where your weaknesses lie. This proactive approach allows you to avoid litigation where the odds are stacked 9:1 against getting even 10% of your hard earned money back.
FlemmerAssociates LLP is certified in business fraud detection and deterrence as well as in computer forensics and forensic accountancy. In addition, FlemmerAssociates is led by David Flemmer, a board certified CPA with more than 20 years of experience in the field. FlemmerAssociates can analyze your procedures and systems and help to ensure the financial security of your business. Where applicable, we will make recommendations to improve the security of your systems so that you can move forward with confidence.
What are your peace of mind and the security of your assets worth?
