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Fraud Prevention Assessment And Education

 


 

FE&E, Inc. provides financial fraud consulting services to private and public companies to assist in promoting best practices designed to support an environment that reduces the risk of fraud and allows it to be exposed early should it occur. Through leveraging our skills and insights gained through 20+ years of fraud investigations, we can show clients how to think outside of the box and better identify risks of financial fraud to their organizations.

FE&E, Inc. also provides organizational assessments to assist in the prevention of financial crimes and will conduct a “Fraud Prevention Check-Up” to evaluate your internal controls and identify weaknesses in your fraud prevention processes. Internal controls are the key to preventing most embezzlement and employee theft. We can also help you identify potential problems and assist you in making the needed changes to avoid becoming a victim. And, we offer training and education services to make sure that your employees stay up to speed.

An effective fraud prevention program can significantly reduce fraud and increase the likelihood that, if fraud does occur, it will be detected at an early stage. Successful programs require full support within the organization and proper implementation of the anti-fraud program. However, all too often expectations that personnel should be “fraud savvy” are not.

Based on our  experience, certain conditions involving a lack of awareness or understanding or involving inadequate practices can create a fertile environment for fraud within an organization. Such conditions include:

  • Lack of awareness or understanding of fraud risk factors
  • Insufficient knowledge of the warning signs of fraud
  • Inadequate screening practices (for employees, vendors, and customers)
  • Few mechanisms for reporting and investigating fraud
  • Lax control monitoring with no redundancy
  • Ineffective board and audit committee oversight
  • Departments not speaking with each other or sharing data

On average, if you can eliminate 75% of the fraud that your organization faces, you can add as much as 4% straight to the bottom line.