Fraud Monitoring Tips from a CFO
As organizations focused on the good you can bring to others, nonprofits tend to take an overly trusting stance when it comes to their finances. You like to believe the best about people and are generally a hopeful group. However, in the arena of fraud, nonprofits need to become a bit more cynical.
We emphasized the use of best practices to avoid fraud occurrences. A tip that CFO guest writer and vice president of an audit and risk management solutions firm, John Verver also stated. He wrote, “Most organizations start by ensuring that there is an appropriate tone at the top, clearly defined ethical policies and well-designed controls.” He also emphasized that, “There seems to be a trend in many organizations, particularly those within the high-performance category, to assume that fraud only happens elsewhere.”
It is important to remember that fraud can happen in any organization, and that the repercussions can be devastating. The foremost way to avoid fraud is by making it difficult to commit. Verver’s full article “The Top Five Areas to Monitor for Employee Fraud ” provides some valuable assessment tips on preventing and detecting fraud within your organization.
Renata Poe Massie, Content Writer, Jitasa
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