Happy Thanksgiving 2014.
While we enjoy family, football and food this Thanksgiving and give thanks for our blessings, don’t forget that occupational fraudsters are giving thanks too! And their “thanks” may be your bane.
Here are ten things occupational fraudsters may be thankful for around the dinner table (at a fine dining establishment, of course) this Thanksgiving:
- Non-existent and/or poor internal controls
- Trust of those above and around them and that fraud can’t happen to them
- Fear of retaliation by those who might report them
- You think external auditors look for and find fraud
- Law enforcement focus on non-financial crimes
- Non-existent/weak compliance programs
- Ineffective internal audits
- Management emphasizing fast growth & earnings over ethics – poor ethical tone
- “Golden parachutes” and/or lack of meaningful disciplinary measures and criminal referrals
- Clearing Accounts and Adjusting Journal Entries