Every so often a dramatic case of financial fraud makes the headlines because of the sheer amount of money involved. But, on average, companies with fewer than 100 employees suffer the largest median loss and 42% of fraud cases are caused by a lack of internal controls. Internal fraud exacts a high cost in terms […]
Tag: Fraud
IRS Puts Brakes on ERC Processing
According to the IRS, a moratorium on processing of new ERC claims through year’s end will allow IRS to add more safeguards to prevent future abuse, to protect businesses from predatory tactics. The pandemic-era relief program is a refundable tax credit designed for businesses that continued paying employees during the COVID-19 crisis. In a recent […]
How to Recognize a Scam
Nearly everyone has received an email, text or phone call that sounds legitimate but is a scam. Scammers have gotten quite sophisticated, and even savvy individuals have been taken in. As reported in the FBI’s Internet Crime Report, more than $10 billion in losses from online scams were reported to the FBI in 2022, the […]
How To Handle Evidence In A Fraud Investigation At You Business
Every business owner should establish strong policies, procedures and internal controls to prevent fraud. But don’t stop there. Also be prepared to act if indications arise that, despite your best efforts, wrongdoing has taken place at your company. How you handle the evidence obtained could determine whether you’ll be able to prove the charges brought […]
How Effectively Does Your Business Manage Risk?
From natural disasters and government shutdowns to cyberattacks and fraud, risks abound in today’s volatile, uncertain marketplace. While some level of risk is inevitable when operating a business, proactive owners and executives apply an enterprise risk management (ERM) framework to manage it more effectively. Evolving framework The Committee of Sponsoring Organizations of the Treadway Commission […]