Fraud Detection and Prevention
Most business owners and managers do not like to admit that they are at risk, but employee theft and fraud is a real threat to their profitability. In fact, in their 2006 Report to the Nation, the Association of Certified Fraud Examiners estimates that the average organization loses more than 5% of its total annual revenue to fraud and abuse, translating to approximately $650 billion annually for U.S. businesses, with small businesses the hardest hit. Whether it is the result of corruption, misappropriation of assets or fraudulent financial reporting, losses due to employee theft and fraud can be reduced and often prevented.
Wolf & Company employs professional staff who are Certified Fraud Examiners (CFE) in addition to being CPAs. They are trained to identify potential risks and help install anti-fraud controls.
Our services include:
- Fraud Prevention Check-up. This is a time and cost-effective program to evaluate the overall risk of fraud in a specific organization. At its conclusion, we provide not only an overall assessment, but also recommendations to improve fraud prevention processes.
- Review of fraud prevention controls. Our professionals perform a detailed review of internal controls, corporate governance policies and risk management techniques. Based on our review, we assess your exposure to fraud risks and report our findings and recommendations. We will also assist you with the development and implementation of enhanced policies and procedures.
- Fraud detection and investigation. Wolf & Company can help you to investigate and identify specific instances of fraud, whether it be from external fraud, misappropriation of assets or fraudulent financial reporting. Such investigations allow us to highlight areas with weak controls and provide you with recommendations to remediate those weaknesses.
Our team of Certified Fraud Examiners will provide the resources you need to prevent this costly problem from ever happening to you. For more information on our fraud detection and prevention services, contact Keith A. Friedlein, Partner, Audit and Accounting Services.