Small Businesses and Nonprofit Organizations Are Hit Hard by Employee Fraud
November 17, 2011
Total Loss:
Millions
Employee fraud hits organizations hard -- especially small businesses and nonprofit organizations that lack internal controls and may miss the warning signs that fraud is taking place, says Marks Paneth & Shron litigation advisor.
Management and board members need to recognize the red flags and act early to stop fraud, according to an authority on forensic accounting.
"Organizations pay a high price for fraud," says Sareena Malik Sawhney, MBA, CFE, CFFA, a forensic accountant who serves as a director in the Litigation and Corporate Financial Advisory Services Group of New York accounting firm Marks Paneth & Shron LLP (MP&S). "The damage can be particularly severe at small organizations where losses can be extremely threatening. These organizations often do not have the systems in place to detect fraud and prevent or limit their losses." ...
Source:
Marketwatch
Posted in:
Internal Fraud
Deposit Account Fraud
ACH and Wire Fraud
Collusive Networks