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Fraud Prevention and Investigation Services
The Association of Certified Fraud Examiners (ACFE) estimates that an organization loses 6% of its annual revenues to fraud. Applied to the U.S. Gross Domestic Product for 2003, this translates to approximately $660 billion in losses annually. The most effective strategy to defend against fraud is to prevent it, according to the ACFE. Organizations must develop a proactive fraud deterrence program in order to reduce the risk of fraud.
At Lindgren, Callihan, Van Osdol & Co., Ltd., we assist organizations large and small to assess the risk of fraud, identify weaknesses in internal controls, implement fraud prevention programs, and if fraud does occur, conduct fraud examinations.
Fraud Service Descriptions
1. Cash Reviews—Proof of cash
- Comparison of deposit slips
- Review of bank reconciliations
- Confirm balances with financial institutions
- Obtain cut-off statements
- Review of journal entries
2. Payroll Audits
- Review personnel files
- SSN review
- Verify employees existence
- Review payroll register
- Review of payroll checks
3. Internal Controls Review, Documentation, and Design
- Document accounting systems current procedures
- Analyze for weaknesses in current internal controls
- Develop suggestions for improving internal controls
- Design internal control system for small businesses
4. Computer Data Analysis
- An analysis of the organization's electronic data for anomalies and irregularities
- Many of the other services provided utilize these computer-assisted audit techniques
- Testing of client data at regular intervals for indicators of fraud
5. Fraud Exams and Consultations
- An exam will consist of a thorough investigation of the facts, circumstances, and interviews of various employees and non-employees (if applicable) resulting in a final report
- A consultation will consist of discussions and evaluations of the susceptibility to a particular type of fraud, or whether the client's suspicions warrant further investigation
6. Fraud Prevention Check-Up
- One of the ACFE's most valuable fraud prevention resources, the ACFE Fraud Prevention Check-Up, is a simple, yet powerful test for a company’s fraud health
- The Check-Up is designed to test fraud prevention processes to help identify major gaps and fix them before it is too late
7. Training and Seminars
- Educate owners and employees about the pervasiveness and consequences of fraud
- Discuss how fraud costs all of us in the form of lower wages and higher prices
- Give presentations customized for specific industries and business sizes
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