All About you Accounting, LLC objective, is to provide dependable and quality service of accounting and internal controls for individuals and small businesses. We work diligently with our clients to combat business fraud due to dishonest and illegal activities perpetrated by individuals or companies.
Did you know, The Association of Certified Fraud Examiners (ACFE) 2022 Global Fraud Study reported, that the typical organization loses an average of 5% of revenues each year due to fraud? According to anti-fraud experts, on a global scale, this translates to losses of roughly $6.3 billion dollars in total losses.
WHAT IS FRAUD
Fraud is defined as, when a person gains something of value (i.e. money or property) from another by knowingly misrepresenting fact and deception for financial gain.
TYPES OF FRAUD
There are five types of common fraud:
- Embezzlement:The illegal use theft/misappropriation of funds by a person who was entrusted or controls those funds.
- Asset Misappropriation:Involves a third party or an employee in an organisation who abuse their position to steal from it through fraudulent activity.
- Skimming:When an employee takes money from receipts and does not record revenue on the books.
- Internal Theft:Is stealing or misuse of an employer’s assets without permission or paying for them.
- Payroll Fraud: There are many ways in which employees can commit payroll fraud. Some examples are, advances not paid back, ghost employees, unauthorized hours, and pay rate alteration.
HOW TO COMBAT FRAUD
Prevention is the best method to help deter and prevent fraud from occurring in your business or home. All About you Accounting, LLC works with our clients to review current internal controls, and works towards reducing their fraud risk by developing a fraud risk response program deigned around your business fraud risk assessment.