Posts Tagged ‘Fraud Detection’

Independence Vital in Fraud Investigations

Wisconsin Law JournalWritten by Tracy L. Coenen, CPA, CFF

I would like to think that most companies are committed to doing business honestly. They try to do the right thing, and when a problem is found, they try to correct it quickly.

Even when a scandal is looming, I hope most companies would want to find the truth as fast as possible and take appropriate action.

Accountants Cite Lessons Learned in Koss Scandal

Eric Decker –

How could one corporate executive make more than $30 million in unauthorized transactions over four years without anyone else on the company’s leadership team or its third-party accounting firm being aware of the embezzlements?

That is among the questions law enforcement investigators are asking as they sort through the criminal allegations facing Sujata Sachdeva, former vice president of finance and secretary of Milwaukee-based Koss Corp. Sachdeva’s employment was terminated by the firm in December, and investigators have confiscated more than 22,000 items as evidence, including high-end women’s clothes and bags.

Bribery and Corruption: Difficult Frauds to Find

Written by Tracy L. Coenen, CPA, CFF

When fraud happens within an organization’s accounting system, there is often a paper trail left behind. It’s unavoidable, as there is a record of something related to the fraud, whether it is a legitimate invoice that was later adjusted, an account balance that was changed, or a fake employee who was added to the payroll system.
Frauds involving bribery and corruption are different. They happen almost completely outside the accounting system, so they often don’t leave a paper trail. Management instead must rely on tips or other vague clues to the existence of such a fraud scheme.


entrepreneur10 Potentially Sticky Work Situations and How to Manage Them

Entrepreneur Magazine
By Chris Penttila

As an entrepreneur, you’ll run into sticky situations at work, whether it’s grumbling employees or distractions, that get in the way of productivity.

Dealing with weirdness in the office is never easy, but it’s essential to running a successful company. “Human resources problems that get ignored have a really nasty habit of not going away,” says Margaret Hart Edwards, a shareholder at employment law firm Littler Mendelson.

Creating an Investigative Policy

Written by Tracy L. Coenen, CPA, CFF

BusinessWeekAn investigative policy is an important tool to help manage the process of initiating a corporate fraud investigation. Doing so will help bring uniformity to the evaluation of fraud allegations, and it will help guide management through the decision making relative to the claims.

Let the Faithful Pray There’s No Fraud

Written by Tracy L. Coenen, CPA, CFF

Wisconsin Law Journal

It’s become far too common to hear news reports of financial fraud at churches. Is fraud at religious non-profits increasing, or are we just hearing more about it during a time when the topic of fraud is at the forefront? I’d like to think that fraud at churches is simply more newsworthy than it used to be, but no one knows for sure.

Signs That a Company Has Been Ripped Off

Written by Tracy L. Coenen, CPA, CFF

Wisconsin Law Journal

How would you know if your company was being looted by a dishonest employee? Most companies miss all of the warning signs that could help stop a fraud early.

Prevent Fraud: Look for These Warning Signs

Written by Tracy L. Coenen, CPA, CFF


When attempting to prevent corporate fraud, management must be aware of the warning signs and be willing to identify operational risk factors and implement effective solutions to the problems.

Operational red flags are among the most important red flags of fraud to be aware of. These are ways that the company’s operations may make it easier for someone to commit fraud and get away with it. Operational red flags of fraud can include some of the following:

How To Commit Fraud and Get Away With It

Written by Tracy L. Coenen, CPA, CFF

Wisconsin Law Journal

If a fraud is worth committing, it’s worth committing right. A little extra effort in the commission of a fraud can go a long way toward profiting from it as long as possible. Follow these recommended steps to increase your chances of successfully pulling off a fraud at work.

Big Frauds Start Small

Written by Tracy L. Coenen, CPA, CFF

Wisconsin Law Journal

Reprinted in New York Daily Record

Take a look at the frauds in the news, and most of them are huge. Huge frauds make huge news.

As investors and the general public demand more transparency from companies and executives, the issue of fraud is being talked about more than ever. Everywhere we turn, the word fraud is rearing its ugly head.

Divorce Investigation

Are you involved in a divorce or family law case that may involve hidden income or hidden assets? Read Tracy Coenen's new book, Lifestyle Analysis in Divorce Cases, published by the American Bar Association.
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