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Fraud Prevention Survey
Present studies released by the Association of Certified Fraud Examiners indicate that as much as 7% of your top line revenue may be lost due to internal / occupational fraud.
We invite you to take our survey evaluating the 10 key components critical to reducing your organization’s fraud risk.
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1. Our organization’s culture, including the tone at the top, is as strong as it can be with respect to zero-tolerance toward fraud.
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2. Our organization performs an annual fraud risk assessment including inherent fraud risk, likelihood and significance of fraud and risk response.
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3. Detection of fraud and misconduct and recommendations for improvements to internal controls to prevent fraud are part of our organization’s internal or external audit process.
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4. A documented Code of Conduct has been implemented for all employees, which clearly states which actions are permitted or prohibited, as well as where to report inappropriate activity.
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5. Proactive steps are taken on an annual basis to assess our risks and improve our internal controls related to potential fraud for decentralized operations, including overseas offices.
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6. Our performance review process includes a component regarding core values, ethics, integrity, and the Code of Conduct.
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7. Policies and procedures, including re-engineering processes, to significantly reduce the risk of fraud have been implemented
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8. All reports of suspicions or inappropriate activity are investigated, and action taken when infractions are discovered.
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9. Company employees involved in financial transactions have had criminal and financial background checks and also assessed to be competent for the position.
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10. An anonymous hotline open to employees, vendors, customers, and other stakeholders to report inappropriate activity has been well publicized.
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If you are concerned about the results of your survey and would like to discuss possible action steps related to your risks and exposures, contact Dan Ramey, director of Internal Audit, or Karen Love, director of Practice Growth at (713) 860-1400 for a consultation at no charge.
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