Where There's Smoke, There's Fraud
CFO magazine article encourages CFOs to enhance fraud prevention
Despite a number of important statues including the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act, the corporate world will always remain susceptible to fraud, both from internal as well as external sources.
The challenges become all the more daunting when one considers the many varieties of fraud that exist according to Toby Bishop, director of the Deloitte Forensic Center for Deloitte Financial Advisory Services LLP, who was featured in CFO magazine’s cover story on corporate fraud.
Bishop provides insight on the frauds in business model and in business process and recommends companies to apply the same scrutiny on new and existing suppliers, customers and business partners as is done when evaluating the credentials of new hires. He recommends that companies conduct a form of background check on key suppliers, customers and business partners, in addition to employees, to help identify potential integrity issues.
Download the attachment to learn more about fraud prevention measures CFOs should consider.
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