Resources for Sarbanes-Oxley (SOX)

Prevent fraud at your company

www.biztimes.com

Fraud comes in all sizes, ranging from billion dollar cases of corporate fraud and thousand dollar cases of employee embezzlement to employees overcharging their expense reports.

Therefore, an effective fraud prevention strategy must be multi-dimensional, considering senior management, employees and even outside parties such as customers and vendors. An effective fraud prevention strategy must also be adaptable to the ever-changing fraud schemes as internal controls and technology change the operating environments of most companies.

So how does a company develop a fraud prevention strategy without spending millions of dollars and scrutinizing all of its transactions? One technique is to break the problem into smaller pieces. Let’s consider (1) the work environment; (2) control systems; and (3) fraud-specific procedures.

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