When fraud strikes manufacturers, the effects can be devastating. The median fraud loss in the manufacturing sector was $240,000, according to the 2018 Report to the Nations published by the Association of Certified Fraud Examiners (ACFE).
Knowing that hurricanes, wildfires and power outages happen, your business has probably created a disaster plan to help minimize damages and get back to business. Unfortunately, fraud also happens.
Imagine that your company landed a lucrative new account, and the customer placed a few small orders, paying on time. Now they want to place a larger order, if you’ll expand their credit line. Watch out!
No one wants to allow fraud, which has reputational costs as well as financial ones — but how do you prevent it? Monitoring employees is one common answer, but where does monitoring cross the line into illegal invasion of privacy.
One critical task for auditors is to assess the risk that fraud has caused material misstatement, then determine the auditee’s responses to those risks. In other words, where are you vulnerable, and what are you doing to protect your organization?
On October 16th, the Securities and Exchange Commission (SEC) issued its “Report of Investigation…Regarding Certain Cyber-Related Frauds” regarding certain
It’s every leader’s nightmare to suspect an employee of fraud. If someone has spotted questionable transactions or called a whistleblower hotline, you’ll need to enlist financial and legal advisors to handle the bulk of the investigation.
In a world of increasing exposure to online security threats, it’s nice to be able to rely on voicemail for risk-free communication. The problem is, you can’t.
Tax identity theft may seem like a problem only for individual taxpayers. But, according to the IRS, increasingly businesses are also becoming victims.
Malicious hackers target all types of businesses. But manufacturers that rely on automation, robotics and connected networks are especially vulnerable to cyberattacks.