First Steps in the Fraud Investigation The first steps in a fraud investigation are crucial to setting the tone and can set the stage for a successful, or lack thereof, investigation. This article details the first steps a company should take when initiating a fraud investigation, what experts will be necessary to uncover illicit behavior, and what parties need to be notified. Introduction Fraud is a pervasive issue that affects businesses, organizations, and individuals across various industries. Often, an organization is surprised to find itself a victim of fraud, especially when the perpetrator is a trusted employee. According to the…
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Taking Another Look at Perpetrators and Their Schemes—Can a Testifying Expert Witness Rely on the Financial Statements and/or Other Financial Reports Provided? For more than a decade, the Association of Certified Fraud Examiners (ACFE) has published its report on global occupational fraud. The term occupational fraud refers to frauds that are committed by individuals against the organizations that employ them. Occupational fraud is formally defined as the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets. The purpose of this article is to take a deeper dive into understanding…
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Don’t be a Victim of Fraud Fraud can affect virtually any organization and fraud costs can be far more than just monetary losses. The author discusses the recent Wells Fargo fraud investigation and shares her views regarding what makes for an effective risk identification program. The effects of fraud can go beyond simple dollar losses and include harm to the organization’s reputation, employee morale, legal costs, and erosion of confidence by investors among other negative effects.