nagel's corner

There appears to be two schools of thought within organizations: I trust everyone, they would never steal from me; and Trust no one, everyone may steal from me. Some of […]

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“Dear Friend, you may be surprised to receive this message from me because you dont [sic] know me in person, but for the purpose of introduction, I am Mr. ….” […]

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Fighting fraud no simple task in an environment that includes fewer internal controls. The cost of doing business shouldn’t involve theft — but it does.
A typical organization loses five per cent of its revenues annually, or nearly $3.7 trillion to fraud (all figures U.S.), ac- cording to the results of a global online survey of 34,615 certi- fied fraud examiners last year by the Texas-based Association of Certified Fraud Examiners. Hardest hit with the highest incidence of victimization of 29 per cent were organizations with fewer than 100 employees, which reported a median loss of $154,000.

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People face ethical dilemmas on a daily basis, in almost all aspect of our lives. While the penalty may be significant, we hope that the law of probabilities works in […]

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The bad bookkeeper

13

Jan

2015

Beware of bookkeepers who won’t answer straightforward questions As accountants, we often rely on bookkeepers to perform the arduous task of preparing the raw journal entries — the gazillion transactions […]

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DID YOU KNOW: Payroll fraud occurs nearly twice as often (14.2 percent) in small organizations with less than 100 employees than in large ones (7.6 percent)?

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DID YOU KNOW: Payroll Fraud occurs in 27% of all organizations? It is also the number one source of accounting theft.

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DID YOU KNOW: It takes an average of 36 months to uncover payroll fraud within a business?

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Nearly three quarters of companies reimburse employees for business-related expenses? Due to the detailed nature, volume, and frequency of expenses, there’s lots of room for errors

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You might think you know all the employees on your payroll, however it may be possible for a hidden “ghost employee” to be lurking in your payroll system.

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