Where the biggest fraud threat is now: Execs vs. Auditors
A new report’s out saying companies’ risk of fraud will be going up in the next 24 months. And even if you don’t think it could happen in your organization, you have to prepare as if it could.
That’s why it pays to know where the greatest vulnerabilities are.
Only one glitch: Not everyone agrees on what that is. The report by Vonya Global exposes that there’s a disconnect between where executives see the greatest risk for fraud and where internal auditors perceive that threat:
- Executives say false billing schemes with suppliers are the top risk now, while
- Internal auditors say expense report padding is the No. 1 concern.
Probably couldn’t hurt to revisit your controls on both of these key areas and make sure critical protections like cross checking and separation of duties are being followed.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
The 2022 End-of-Year Sales Tax Rates and Rules report by tax technology solutions provider Vertex Inc. has both good news and bad news for ...
The Federal Trade Commission (FTC) just widened its crackdown of so-called junk fees that mislead the buying public. A proposed rule would ...
Plenty of financial gurus lauded the Federal Reserve for hiking interest rates and its stated goal of ratcheting down inflation. After mult...
Financial crime is evolving faster than finance teams can keep up. Deepfakes fool executives into authorizing wire transfers. Synthetic ide...
About 90% of U.S. companies were targeted by cyber‑fraud last year – almost a 25% increase from the previous year. The rise doesn&#...
In case your finance team had been in cruise control heading into year-end because IRS’s quarterly interest rates hadn’t change...
