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.
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