Fraud Prevention as a Performance Improvement Tool
In today’s business climate, any effort to prevent fraud must go beyond safeguarding assets and maintaining accurate financial statements. Cendrowski Corporate Advisors will help you develop and implement fraud prevention policies, procedures, communication standards, systems and behavior expectations that will provide your firm with the controls needed to minimize the potential fraudulent activity. We examine and analyze a firm’s inherent risk, control environment, and internal control systems to make recommendations designed to prevent the occurrence of fraud. We have offered these services to numerous private firms as well as large, publicly-traded firms. Our recommendations are based on a cost-benefit analysis, making sure that your firm’s earnings are used efficiently in deterring fraud.
Authors of The Handbook of Fraud Deterrence
The CCA team of fraud professionals developed an in-depth methodology for fraud prevention, as published in The Handbook of Fraud Deterrence (Wiley, 2006). It is the first book that explains fraud prevention and deterrence through organizational control improvement within the structure of financial reporting, organizational control, and corporate governance.
Proprietary fraud prevention techniques developed by CCA encompass professional standards for forensic accounting, fraud deterrence, and fraud investigations to strengthen your firm’s performance.
Benefits of Fraud Prevention Systems
The Association of Certified Fraud Examiners estimates that $7 out of every $100 in revenue is lost to fraud. Firms that proactively implement fraud prevention methodologies can benefit from:
- Enhanced profitability
- Greater access to funding
- Higher business valuation
- Increased respect in the business community
- Reduced risk of reputational harm
- Stronger employee loyalty
Fraud knows no limits, with all organizations at risk, from corporations, to law firms, religious institutions, government, and non-profits.
Preventing Fraud: CCA’s Approach
We can help you conduct fraud prevention assessments to evaluate your organization’s overall control system and identify opportunities for performance improvement. These efforts are often referred to as “operations assessments,” “control diagnostics,” or “business process improvement initiatives.” The goal is to create a corporate climate that emphasizes fraud prevention from top to bottom.
CCA adheres to fraud prevention guidelines established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), an industry standards-setter. COSO describes the fraud prevention process as a “process effected by an entity’s board of directors, management and other personnel, designed to provide reasonable assurance regarding the achievement of objectives in the following categories: effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.”
Contact CCA today to prevent fraud from taking root within your firm.