At its latest business seminar, River City Bank broached the subject of internal fraud as it relates to awareness and prevention techniques. Utilizing the expertise of EisnerAmper’s Jolene Fraser and John Barrett, the event provided key insight on the rise of internal fraud and shared stories of past cases. Fraser and Barrett discussed various methods for strengthening internal controls to help mitigate fraud risk. They examined greed, financial pressures, or employee disenfranchisement as possible motives for committing financial fraud.
No matter the size, fraud can plague all types of businesses. For most companies, employees can be its biggest asset as well as its greatest risk. Fraser and Barrett agreed that more often than not, it’s the longtime employee, the one that never complains, that stays late and works weekends, who bears close watching. With the ever-changing business and regulatory environment, and the number and diversity of types of frauds being committed against companies, it is essential that internal controls be reviewed, evaluated, tested, and strengthened regularly.
EisnerAmper LLP is one of the largest accounting firms in the U.S., with nearly 1,300 employees and 180 partners across the country. They provide comprehensive audit, accounting, advisory, consulting, and tax services.