Fraud is a serious and expensive problem for all organizations.
46% of frauds are committed by employees who have been with the Company between 1 and five years, with 45% of frauds committed by employees with greater than 5 years of tenure
21% of frauds causes losses of at least $1,000,000 +.
Median fraud loss in small businesses is approximately $125,000.
The typical organization loses five percent of it's annual revenues to occupational fraud.
55% of fraud victims recover nothing and 30% have only a partial recovery
Poor internal controls or override of those controls were the predominant cause in 68% of the frauds
Internal control studies can help your organization identify weaknesses in your procedures and assist you in developing procedures to help you deter fraud and help you detect fraud, if it occurs. Organizations of all types and sizes are susceptible to fraud, but small organizations (those with a lack of staff for proper segregation of duties) are usually the easiest targets.
Patton & Associates offers the experience and expertise to assist with fraud detection and prevention. Our firm consists of Certified Public Accountants (CPA) and Certified Fraud Examiners (CFE) that can assist you with the following services:
Investigating financial statement fraud
Investigating theft of cash and other assets
Vendor abuse and collusion
Internal control studies
Fraud prevention (the most cost effective way to deal with fraud is to prevent it)
Patton & Associates' commitment to personal, timely, and value-added services is the key to our success in providing fraud detection and internal control services within our community.
*Statistics from the Association of Certified Fraud Examiners 2020 Report to the Nations.