CPAs and accounting professionals familiar with the dramatic influx of fraud on today's business know how devastating this mishap can be, even on the very small company.
Fraud isn't going away any time soon. In fact, fraud is adding up to more than $400 billion annually, and more often than not, involves the theft of money in some form or fashion.
What can be done to limit fraud? Experts say background checks on personnel who come in direct contact with funds is a way to start. Also of paramount importance is tighter controls and increased oversight from the CPA and the company owner.