High-Tech Fraud Prevention


Even small businesses that have been victims of employee fraud are failing to put proper systems in place to prevent future occurrences, according to a Sage Software survey conducted by M/A/R/C Research. The findings suggest proper use of accounting software may be a valuable weapon in a company’s fraud-prevention arsenal.

The survey found that 21% of small businesses did not have a system in place to prevent employee fraud and another 13% didn’t know if they did or not. Furthermore, about a quarter of companies that have suffered fraud losses in the past have not established preventive measures. Twentyeight percent of small businesses that responded to the survey said they had been victimized at some time by employee fraud.

Of the respondents that had internal control systems in place to prevent fraud, 47% were using their accounting software as a fraud-prevention tool.

Source: Sage Software, www.sagesoftware.com/newsroom/news/index.cfm.

SPONSORED REPORT

States look to unclaimed property for revenue

This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.