I thought that we should look at purchasing fraud, which covers purchases made by employees on company credit card or company account.
It was expected that the fraud was relatively small. Over the course of the investigation, it was found that the fraud had been going on for a number of years.
The organisation that does not set boundaries effectively exposes itself to actions by employees that may threaten the entire business.
Conducting an exercise to assess fraud risk may seem to be a low priority (and somewhat unexciting) project for a busy manager with pressing and immediate business critical issues to address
When it comes to employee fraud, prevention is definitely better than cure. So why do executives who routinely minimize other risks to their organisation fail to address one of the most commonly occurring threats – employee fraud? Perhaps they believe that they would notice any fraud before it became serious, or that their employees are all trustworthy, or it is the auditor’s job to spot fraud, or that this is an area that is too organizationally difficult to for them to address.