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Internal Fraud: A Proactive Stance Reduces the Allure and Risks

  Arthur F. Rothberg, Managing Director, CFO Edge, LLC  
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  Article Summary  
There are a myriad of ways an employee can steal from an employer ranging from getting a payment issued for a fraudulent purpose to misuse of corporate credit cards to theft of on-book cash.

This article looks at examples of internal fraud that include skimming and larceny; suggests first steps to preventing fraud and theft; and reviews internal accounting controls that identify potential problems areas.

Also included is a checklist of nine actions that can be taken to reduce the likelihood of internal fraud.

A proactive stance toward internal fraud firmly establishes controls, provides for early identification of issues, and serves to mitigate associated risks.

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