Fraud Lurks

Fraud Lurks: When You Underutilize Your IT

This month’s Fraud Lurks centers on your ability to discover fraud early, thereby limiting your exposure. Certainly, the primary goal is to prevent fraud from occurring; we have covered that fairly comprehensively in previous articles relating to control procedures emanating from a thoughtful Risk Assessment.  However, if a fraud has been initiated, you must act […]

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Fraud Lurks: When There is Weak “Tone at the Top”

This month represents the one year mark of my penning Fraud Lurks articles for our Fraud and Forensic Newsletter.  The first, “Fraud Lurks: in your Cancelled Checks” received the most fanfare, having been published several times, including the OSCPA Voice and even the Cleveland Jewish News. I try to keep my writing light and readable; […]

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Fraud Lurks: When Controls are Not Monitored

Our Fraud Lurks feature is back after a month off. This month we will review the importance of monitoring your internal controls. Management books say “What gets measured, gets done.”   Likewise, controls that are not monitored tend to get compromised.  After all, how important can a control be if no one ever checks to make […]

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Fraud Lurks Case Study: Time for Another Raise

Fraud Lurks is a series of case studies of frauds/defalcations which I personally investigated.  This month’s case study is entitled “Time for Another Raise.” Much like last month’s, the plan is simple – as most successful frauds are. Before Going Further, Remember Our Three Items: A well-designed, well-executed fraud is a thing of beauty in […]

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Fraud Lurks Case Study: Expense Reports – On Steroids!

This is the fourth in a series of case studies of frauds/defalcations which I personally investigated.  This month’s case study is entitled “Expense reports on steroids.”  This fraud differs from most frauds as it was perpetrated concurrently by numerous people in the sales division.  Also, it involved an area usually not considered to be high […]

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