Here are two helpful fraud tools we thought would be helpful. Check them out!
1. What should you do when fraud is discovered?
- Take a deep breath; it will be figured out!
- Log all communications and events
- Write down your thoughts and recollections as they come up
- Eliminate access to phone, computer, logins, bank, credit card, keys, and your building
- Secure backups and devices to make sure you maintain evidence
- Secure key documents; take inventory to assist with the case
- Contact leadership/management – only those that need to know initially
- Contact legal counsel; employment law, insurance agent (coverage/limits/covered for a forensic accountant), and a forensic accountant
- The end game: think about it, but understand the need to obtain information will take time
- Consult a forensic accountant to help put a case together
- Mitigate future risk
2. Here are some of the warning flags of fraud:
- Trusted with little or no oversight
- Refuse to provide basic financial information
- Offended when questions are asked of them
- Employee is rarely absent, refuses to take vacations
- Employee works long hours and/or when others are not present
- Employee refuses to relinquish control; train new employees
- Employee appears to live beyond their means
For more information about fraud or forensic accounting, contact one of our Forensic Accounting experts.
Tools Source: Acuity Forensics
