Fraud Gets the Better of American Companies
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.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.