Last week was Fraud Awareness Week, but fraud awareness and fraud mitigation in the workplace shouldn’t stop after just one week. As shown in the below infographic published by the Association of Certified Fraud Examiners, small businesses suffer fraud losses disproportionately (in relation to revenues) – the median loss to fraud for a business with fewer than 100 employees is $154,000.
A lack of internal controls continues to be the primary contributor to fraud – 32% of all fraud cases occurred in businesses with no internal controls. A small business that does not have proper segregation of duties or other control processes in place is particularly at risk for significant losses due to fraud.
If you are concerned that areas of your business are not functioning as smoothly as they should or lack controls, an operational review can uncover inefficiencies at their root. Through interviews and observations, our professionals analyze your processes and procedures with an eye on removing inefficiency, minimizing risk and increasing productivity. Upon completion of our analysis, we will summarize our findings into narratives for each function that is reviewed, then compile a report that notes our findings, observations and recommendations.
Please give us a call to discuss the operational review process and whether or not your business is a candidate for these services. We may be reached at 239.433.5554 or at www.markham-norton.com