In: Accounting
1. How do organizations fight fraud?
2. Why is the prevention of fraud important to
organizations?
3. Is the timeliness of fraud detection a business imperative? Why? Why not?
4. Also, what is the cost to a company both financially and reputationally for failure to prevent and fight fraud
Fraud is a big problem for all type of organizations.
Types of Fraud
Fraud comes in many forms but can be broken down into three
categories:
1.asset misappropriation
2.corruption
3.financial statement fraud.
We can minimize fraud occurrences by implementing different procedures and controls.
To help businesses protect themselves from fraud, Hetherington offers the following tips for all companies:
Small businesses however, must be extra vigilant about fraud.
Hetherington offers the following tips to small businesses looking to prevent fraud.