15 Sep

Take Steps to Extinguish Fraud

Written by Tracy L. Coenen, CPA, CFF

On Balance – The Magazine for Wisconsin CPAs – September/October 2005

Fire drill training in grade school always included the mantra, “Stop, drop and roll.” This was the prescribed course of action if a child was on fire. Professionals sometimes refer to tragedies in companies as fire drills. When a major internal theft occurs, it is akin to a fire, and needs to be met with swift action.

Where there is smoke, there might be fire. Numerous red flags can point to internal theft: missing or altered documentation, unexplained accounting entries, excessive customer complaints about account balances, and disregard for policies and procedures. Read More