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Fraud costs companies millions of dollars every year. However, for most accountants and auditors, catching or preventing fraud is not the focus of their job. We look at what’s involved, and what potential solutions may be available to help tackle the problem.
In a recent report, auditors were found to have detected only 4% of occupational frauds committed, and it is not difficult to understand why. Consider the level of attention to detail managing and keeping tabs on such a wealth of numerical data requires. To then mine said data for suspicious activity is an incredibly complex task, and it does not end with the data.
A needle in a haystack
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It goes without saying that there is more than one way to commit fraud. Accountants and auditors would need to be on the lookout for evidence of secret cooperation or conspiracy within the company including, but not limited to: redirected payments; false invoice payments; misappropriation of funds; non-purchase payments; anonymous vendor payments; anonymous customer payments; falsified or changed client names, addresses, and payment information; imaginary vendors, refunds, and purchase orders; and overcharged hours or workloads.
Man VS Machine
While people may not be able to detect fraud easily, we might have a better shot with the aid of accounting software and fraud detection software.
Accounting software typically manages the financial activity of a company, including sales and purchase orders, expense handling, electronic payments, billing/invoicing, and timesheets. It also compiles financial reports, including income statements, balance sheets, and profit and loss statements.
Beyond the usual accounting software, there i… Read More
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