Fraud
Last year has had its share of challenges, especially for small businesses. Add on the Covid-19 pandemic and more businesses going remote - it’s even more imperative to be on heightened alert to prevent fraud from invading your business. Historically, high-profile fraud cases caused increased financial turmoil that has led to enacted laws and regulations to deter and detect fraud such as the 2002 Sarbanes-Oxley Act. Unfortunately, and amid the pandemic, fraud isn’t letting up on the gas pedal.
Many facets of accounting fraud can manifest inside your business that adversely affects both financials and the workforce. According to the Association of Certified Fraud Examiners (ACFE), “Internal fraud, also called occupational fraud, can be defined as: the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the organization’s resources or assets. Simply stated, this type of fraud occurs when an employee, manager, or executive commits fraud against his or her employer.” These manipulations can negatively infiltrate and affect a company’s progression. The ACFE states accounting fraud causes a median loss of $2 million per scheme, which can be especially devastating to any small business. Effective fraud deterrence and detection requires thorough participation in the financial reporting ecosystem and engaging in extreme vigilance. To prevent your business from fraud, an outsourced accountant or controller can help provide essential internal controls and prevention practices.
Foresight Accounting provides these services - providing an extra set of eyes and internal control systems that help prevent your business from falling victim to fraud. Foresight’s services are based on insights, strategic planning, and joint solution development - all under a fixed-priced agreement and executable strategy. By delivering high-quality, comprehensive services, Foresight’s tailored solutions can help promote transparent financial reporting and prevent devastating rippling effects of accounting fraud that could tarnish your business. These vital services can help implement an effective anti-fraud work environment and provide a comprehensive checks and balances system to help your business stay competitive and grow with integrity and honesty.
