Description

Bonus episode of Up and Adam, the Cut Through

Fraud week is a dedicated week aimed to support businesses with tools and education to better protect their organization from fraud risks. Join Steve Wischmann, CPA, CFF, MAFF, CGMA and Michael Bösl, CPA, CFE to learn more about the impact fraud has on organizations.

What can organizations do?

1. Be Proactive. Adopt a code of ethics for management and employees. Evaluate your internal controls for effectiveness and identify areas of the business that are vulnerable to fraud.
2. Establish Hiring Procedures. When hiring staff, conduct thorough background investigations. Check educational, credit and employment history (as permitted by law), as well as references.
3. Train Employees in Fraud Prevention. Do workers know the warning signs of fraud? Ensure that staff members know basic fraud prevention techniques.
4. Implement a Fraud Hotline. Fraud is still most likely to be detected by a tip. Providing an anonymous reporting system for your employees, contractors and clients will help uncover more fraud.
5. Increase the Perception of Detection. Communicate regularly to staff about anti-fraud policies, ways to report suspicions of misconduct, and the potential consequences (including termination and prosecution) of fraudulent behavior.

If you have questions about implementing any of the above learn more on our website and reach out to our forensic team!

The views and opinions expressed in this podcast are those of BerganKDV Wealth Management and are subject to change at any time. The content herein is general and educational in nature and should not be considered legal or tax advice. We recommend that your consult with an attorney, tax or investment professional regarding your specific situation. Investment advisory services and fee-based planning offered through BerganKDV Wealth Management, an SEC Registered Investment Advisor.