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Fraud Impact on Small Business

Fraud Impact on Small Businesses Occupational Fraud S147,000 $3.5 Trillion 49% Median Fraud Loss for business's Estimated total fraud cost wordwide 0%% of victimes with no recoveries 10 MM less than 100 employees Median Fraud Liability Over Years Number of Private Companies in US $200,000 97% $150,000 $100,000 Companies with less than 100 employess $50.000 $- 2008 2010 2012 Fraud Methods and Detection Other Fraud Detection and Prevention IT Controls Methods Confession Billing 14% Corruption Accidental 13% Check Tempering Notified by Internal Audit Police Tip 25% 58% Skimming 36% Other Expense Reimbursement 18% Cash Larceny Accounting Review Non-Cash Monitoring Account Reconciliation Cash on Hand Document Exam External 20% Audit Payroll 20% Financial Statement Fraud Account Review 26% Register disbursements Magement Review 0% 10% 20% 30% 40% 53% Perpetrator Profile S40,000/yr Amount that can be saved or prevented from fraud by implementing good accounting controls 45% 40% 35% 30% 25% 2% 20% Monitoring 15% 5% Account Reconciliation 10% 5% 5% External Audit 0% 14% Employee Manager Owner Other Management Controls Sources: 1. Association of Certified Fraud Examiners 2012 Study 2. for Small Business Assumptions 1. Small Business is defined as a private company with less than 100 employees Reckenen (o Reckenen's delightful outsourced accounting service for private companies helps in preventing and detecting fraud related activity (855)-U-RECKEN |1-855-873-2536 Accountants and Consultants

Fraud Impact on Small Business

shared by Reckenen on Jun 04
Accounting audits and controls help in detecting fraud 26% of the cases, according to ACFE.


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