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The Importance of Detecting and Preventing Business Fraud

May 2014 - Fraud, which includes the diversion of company funds, check forgery, and embezzlement, is still a major concern for most companies.  In small and medium-sized businesses it is an even greater concern, primarily due to the small number of personnel in the accounting departments, the lack of segregation of duties and the lack of controls in place to prevent and detect fraud.  Unfortunately, much of this type of fraud is committed by long-term, trusted employees who have access to the physical assets or cash, are highly respected by management, have unfettered responsibility and access to financial records, and are not regularly monitored by management.

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