Risk Management Specialists

There are three types of occupational fraud and abuse: corruption, asset misappropriation and financial statement fraud. Asset misappropriation was the most common form of occupational fraud (more than 85% of cases) – smallest median loss of $125,000 while financial statement fraud occurs less than 10% of cases – causes a median loss of $975,000. (Report to the Nations on Occupational Fraud and Abuse – 2016 Global Fraud Study” – Association of Certified Fraud Examiners)

The first step to prevent fraud in your business is to evaluate the five components of internal controls: control environment, risk assessment, control activities, information and communication and monitoring activities. We at Boyum Barenscheer can assist you with implementing fraud prevention best practices. Our internal control services are built specifically to your business to analyze the culture and structure, evaluate current processes and procedures within your business and implement ongoing monitoring procedures. We aim to eliminate the opportunity to commit fraud within your company by helping owners and management access opportunities to strengthen internal control process and procedures. The overall objective is to help the company and its employees reduce risk of errors or fraud and safeguard company resources and assets.

This is a best practice for every business. If an employee quits or has to be fired, it makes training much easier. It has proven to increase the value of a business if it were ever to be sold.