Prevent, Detect and Deter Fraud

Geffen Mesher’s Forensic & Integrity Services Group specializes in assisting clients with fraud prevention, detection and deterrence.

Who We Serve

We provide forensic services for clients across a variety of industries, regardless of size, revenue, and management structure. In our view, if oversight is lacking and controls are a concern, then fraud is possible.

Exposing Occupational Fraud

A recent report on occupational fraud by the Association of Certified Fraud Examiners (“ACFE”) reveals:

• The median loss was $140,000, while nearly 20% exceeds $1 million
• The average fraud scheme goes for 18 months before detection
• Smaller organizations (fewer than 100 employees) are disproportionately victimized
• More than 87% of those perpetrating fraud had never been previously charged with a crime or terminated from their previous employment
• Less than 6% of those perpetrating fraud are new hires (those employed for a year or less)
• The accounting personnel are responsible for 22% of the frauds
• Increasing the perceived risk of detection is the single greatest deterrent to fraud
• Fraud prevention can be far less costly and disruptive than detection

Learn more about the ACFE and read the entire Report to the Nations at www.acfe.com or give us a call for a complimentary copy.

Initial Consultation

We frequently begin with a fraud prevention consultation. During this initial consultation, we perform a fraud risk assessment which may include:

• Identifying those areas in which your company may be most susceptible to fraud
• Evaluating and assessing risk factors or red flags common to your company’s industry
• Evaluating the design of your company’s internal control structure, with a specific focus on controls surrounding cash
• Confirming whether your internal controls are operating effectively
• Evaluating your information technology (IT) systems and controls to determine if the appropriate systems and controls are in place to meet the needs of management
• Providing you with “best practice” recommendations, customized based on your company’s operations and its industry
• Performing an assessment of key financial ratios, including benchmarking your company against your competitors and/or industry peers

Customized Program

Once the initial fraud consultation is complete, we will work with you, as necessary, to develop a comprehensive customized program to address any fraud risks identified during the initial assessment, including:

• Investigating any identified red flags
• Remediating any significant weaknesses in your company’s control structure
• Performing forensic analysis using analysis software
• Investigating transactional risks identified

The initial fraud prevention consultation is intended to provide you with a report card on your controls and IT systems, while follow-up services are designed to support management in responding to risks identified, and deterring future occurrences.

Resources

Top 10 Recommendations – Check out this link for actionable recommendations for business owners who would like to increase their fraud awareness and protection.