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Weak Internal Controls Are Really "Worst Practices"

Tonsick John | April 20, 2004

As a forensic accountant, my first contact with clients often occurs when they suspect they've been victimized by fraud; usually they're right. Initially, my job is to determine the nature and extent of the theft, to identify the perpetrators and, if possible, to help them recover the loss. Most often, fraud victims are shocked and angry when they learn that a trusted employee has taken advantage of them. The emotions are understandable; violated trust doesn't feel very good. Unfortunately, trust is a key component of fraud and far too many companies rely upon it as an internal control.

The Association of Certified Fraud Examiners estimates that U.S. companies lose approximately 6 percent of their revenue to employee fraud and abuse; it's a massive, $600 billion a year...

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