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* E-Blast 2-14-08 *

 Specialized Knowledge 

 FRAUD Prevention & DETECTION 

 

The prevalence of fraud in today’s business world is daunting and is becoming more visible through high profile cases such as Enron and WorldCom.  In fact, the Association of Certified Fraud Examiner’s 2002 Report To The Nation On Occupational Fraud And Abuse (The Report) estimates that fraud and abuse will cost U.S. organizations $600 billion annually and that 6% of their total annual revenues will be lost due to fraud from its employees.  

"Integrity without knowledge is weak and useless, and knowledge without integrity is dangerous and dreadful."

 

 

              - Samuel Johnson, English author

The report also identifies small businesses, those with less than 100 employees, as the most vulnerable to occupational fraud and abuse with the average scheme causing $127,500 in losses.

Baker, Peterson & Franklin recognizes the importance of fraud detection and investigation and has developed the necessary knowledge and skills to serve businesses in this capacity.  Our ultimate goal is to serve the client and we expect to complete our services having strengthened the internal control system, leaving you less susceptible to fraudulent activity and to find any fraud or abuse that may have occurred.  We offer the following services for fraud detection and investigation: 

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Design of the internal control system – for businesses with little or no formal internal control system, we will design a system relevant to your needs and focusing on fraud prevention and detection.

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Review of the current internal control system – to identify weaknesses in the current internal control system and provide recommendations for strengthening against fraud and abuse.

bulletFraud investigations – the after-the-fact application of various tests and methods will be utilized to identify fraud and abuse resulting from stealing or misuse of company assets or from fraudulent financial reporting.  This investigation necessitates a reporting of our findings to you and can be used as evidence for potential prosecution of the culprits.

COMMON RED FLAGS FOR FRAUD

Situational Pressure Red Flags

Opportunity Red Flags

Personality Red Flags

 

 

 

 

 

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