Don’t rely on your Auditor to detect Fraud!

Many companies and organizations point to their external auditors as a watchdog to find fraud.  According to reporting done over several years by the Association of Certified Fraud Examiners (ACFE), external audits are among the least likely means to discover fraud.

The most effective means to identify fraud is a whistleblower mechanism or hotline, where someone can report confidentially and without fear of retribution.  This is because perpetrators usually exhibit changes of behavior or personality “fingerprints” – red flags.   Coworkers, vendors or customers are in a position and through a sense of honesty, to report suspicious activities that may suggest fraud.  These can then be followed up appropriately.

Better yet, implement preventive measures to deter and prevent the activity in the first place!

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