The Bonadio Group’s Post

Having an annual financial statement audit does not protect your organization from fraud. A direct quote from AU-C 240 (the auditing standard that covers consideration of fraud): "The primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. It is important that management, with the oversight of those charged with governance, places a strong emphasis on fraud prevention, which may reduce opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud because of the likelihood of detection and punishment. This involves a commitment to creating a culture of honesty and ethical behavior, which can be reinforced by active oversight by those charged with governance. Oversight by those charged with governance includes considering the potential for override of controls or other inappropriate influence over the financial reporting process, such as efforts by management to manage earnings in order to influence the perceptions of financial statement users regarding the entity's performance and profitability." Based on the above standard, that responsibility rests solely with the Board of Directors and management. Sitting down to discuss how exactly your organization would actually prevent, or detect & correct, the hypothetical schemes Kaitlin Accardi, CPA presents in her article is a worthwhile exercise to undertake from time to time.

#FridayFinance Protect your business from fraud! Small businesses are especially vulnerable to fraud. Forbes provides four tips to ensure that your business is fraud-resistant: “Fraud is a significant threat to small businesses, causing them to lose an estimated 5% of their annual revenue, according to a 2022 study from the Association of Certified Fraud Examiners. It’s not just about the financial loss; fraud also undermines a business’s stability and reputation in the market.” Read more: https://ow.ly/qgwZ50SHiiM #FraudPrevention #Fraud #BusinessFraud #ProtectYourBusiness #FraudReistantBusiness #FinancialEducation #SmallBusiness #SmallBusinessFinance #AlternativeLender #Byzfunder

Check fraud is on the rise in the United States. Read this article for some best practices to help protect yourself from becoming a victim. #aiken #investments #sampsonwealthadvisorygroup #financialplanning #advisor #CFP®️ #CERTIFIEDFINANCIALPLANNER™️

Check fraud is on the rise in the United States. Read this article for some best practices to help protect yourself from becoming a victim. #aiken #investments #sampsonwealthadvisorygroup #financialplanning #advisor #CFP®️ #CERTIFIEDFINANCIALPLANNER™️

Stay safe from fraud this tax season! Remember that the IRS will never initiate contact with you through email, text message, or social media channels to request personal or financial information. Do not give out any personal information, click on any links or make any deposits to the fraudster claiming to work for the IRS. Learn more about fraud prevention at gecu.com. #GECU #MyGECU #CreditUnion #PeopleHelpingPeople

Stay safe from fraud this tax season! Remember that the IRS will never initiate contact with you through email, text message, or social media channels to request personal or financial information. Do not give out any personal information, click on any links or make any deposits to the fraudster claiming to work for the IRS. Learn more about fraud prevention at gecu.com. #GECU #MyGECU #CreditUnion #PeopleHelpingPeople #StopFraud

Check fraud is on the rise in the United States. Read this article for some best practices to help protect yourself from becoming a victim. #aiken #investments #sampsonwealthadvisorygroup #financialplanning #advisor #CFP®️ #CERTIFIEDFINANCIALPLANNER™️

As the SEC continues to hit firms with fraud-related fines, my colleague Tyler Mathis reviews the latest cases and offers his thoughts on how to keep your compliance out of hot water. #Fraud #FinancialCompliance

Did you know that writing checks could put you at risk of fraud? To help protect yourself, be sure to carefully monitor your checking accounts if you write checks, and be cautious of an unexpected check from someone you don't know. For more tips and resources, be sure to check out https://lnkd.in/epqTGwB9.

Fraud Prevention Tip: Document Everything Stay safe and protect yourself by keeping thorough records of all transactions, communications, and interactions related to the notarization process. Documentation can serve as evidence in case of any disputes or fraudulent activities. By maintaining accurate records, you can safeguard your interests and ensure transparency in all your dealings. Take proactive steps to prevent fraud and stay one step ahead! Ready to notarize stress-free? Contact us today to schedule your appointment! https://lnkd.in/gmdjffxg Visit our Website today to explore our services and elevate your notary experience. https://lnkd.in/gZVKMvhQ Call us at 706-410-6577 or drop us an email at info@pushpurposefinancial.com or tmcduffie@capitalfcu.org #FraudPrevention #DocumentEverything #StaySafe #NotaryTips #TransparencyMatters #ProtectYourself #PreventFraud #SecureYourTransactions #KeepRecords #StayVigilant #LegalProtection #NotaryPublic #ClientSafety