Four Steps to Fortify Your Audit Committee’s Effectiveness
Improve effectiveness of your audit committee
Improve effectiveness of your audit committee
There are as many ways to defraud a business as there are individuals to dream up scams. Your accounting function — payroll and accounts payable and receivable — is particularly vulnerable. To protect your business from financial losses and possible public embarrassment, implement and enforce these five basic controls: 1. Screen employees. Require all prospective [...]
Do you review your statements each month? With the prevalence of automated bill payment, many busy consumers don't bother to review their monthly bank or credit card statements anymore. Or they may review only those charges above a certain amount. But a recent indictment by the Federal Trade Commission highlights how important it is to [...]
From mobile apps to the Internet, technology has transformed our lives. It facilitates financial transactions and the transmission of information. But it also brings the risk of online identity theft. There are weekly news stories about sensitive personal data being hacked online and sold on the black market. Thieves use personal data to access accounts, [...]
Take a moment before responding to any communication about your tax return — and verify that the query is actually from the IRS. This article provides 3 tips to avoiding scams.
Consistent with previous studies, the 2014 report estimates that the typical organization loses 5 percent of its revenues each year to fraud. Based on the latest Commerce Department estimate of 2013 U.S. gross domestic product ($16.8 trillion), domestic organizations lost about $840 billion to fraud last year.
If you've noticed an increase in unsolicited phone calls — even though you're on the Do Not Call registry -- you're not alone. The Federal Trade Commission (FTC) and the Better Business Bureau (BBB) warn that these calls may appear to come from a local business, your bank, a neighbor, or even from yourself. The point is to get you to pick up the phone.
Phone scams continue to become more sophisticated. When caller ID was introduced, it became easier for people to avoid unwanted calls, but it was only a matter of time until scam artists developed ways to use caller ID to entice people to pick up the phone. Scammers can mimic your bank or your credit card company or even a government agency like the IRS.
Businesses are not always aware of the full scope of business problems that identity theft can cause. It is not only credit card information that can be utilized: sensitive files, such as customer, vendor, or employee home addresses or social security numbers can also be exploited. If a business falls victim to identity theft, it [...]
Fraud is everywhere and can range from small infractions to large scale theft. Fraud can be experienced by not only a company but by individuals. Studies have shown that the presence of anti-fraud controls correlates with a decreases in the cost and duration of fraud. Being aware of potential fraud signals can help you avoid [...]