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A Word About Fraud - Nov 23, 2009

Posted by: Christopher L. James in Articles

In recent weeks it has come to my attention that many businesses are suffering due to fraudulent business practices. Fraud can involve employee theft, misuse of expense accounts, and unauthorized use of funds.

Recently, I have consulted with two businesses who are suffering from the effects of fraud. Both companies lost well over one million dollars due to the fraudulent business practices of individuals within the organization. The fraud involved trusted employees who took advantage of weak internal controls. Unfortunately these incidents occurred before I became involved with the company as my skills could have helped in these situations.

Fraud caused extreme trauma in these companies. One company had to lay off a substantial portion of the workforce and the other continues to struggle with cash flow, two years after the crime was committed.

Companies who have not been victimized by fraud can reduce the likelihood of its occurrence. With the help of some of my colleagues I have developed a list of 20 questions to determine if a business is at risk. If there are warning signs we can help install the necessary internal controls to prevent fraud from destroying your business.

Contact me to discuss how I can help you. We at B2B CFO® have over 3,400 years of cumulative knowledge to assist businesses in detecting and preventing employee theft and fraud.