Occupational Fraud doesn’t just strike small businesses; governmental units are susceptible as well. In the Association of Certified Fraud Examiners’ Report to the Nations, they found that corruption schemes, such as kickbacks, were the most popular form of fraud among government and public administration positions. Billing schemes, such as using fake companies to send bills to governmental units, stealing inventory, skimming money, and expense reimbursement schemes were the next most popular.
Those in government positions need to remember to put fraud controls in place. Rotating financial duties among employees, creating a system of checks and balances, and assessing and protecting areas susceptible to fraud are all important parts of preventing it from happening. To learn more, contact Kit Powell today.
Certified Fraud Examiner