Full service CPA firm Piercy Bowler Taylor & Kern (PBTK) is an official supporter of International Fraud Awareness Week (Nov. 11-17) and will promote anti-fraud awareness and education to the firm’s employees and clients. Organizations around the world lose an estimated five percent of their annual revenues to fraud, according to a study conducted by the Association of Certified Fraud Examiners (ACFE).
As an official supporter of Fraud Awareness Week, PBTK joins hundreds of organizations who have partnered with the ACFE, the world’s largest anti-fraud organization and premier provider of anti-fraud training and education, in a commitment to proactively fight fraud and help safeguard business and investments from this growing problem.
During Fraud Awareness Week, PBTK will post articles on its website and forensic accounting blog, send newsletters with fraud information, and distribute fraud facts to local media.
ACFE President and CEO James D. Ratley, CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“While fraud prevention and detection is a year-round endeavor, International Fraud Awareness Week provides a great opportunity to spotlight this serious problem and stress the importance of anti-fraud training and education,” Ratley said. “Businesses and organizations who are involved in this campaign show an understanding that spreading awareness is key in combating the worldwide fraud threat.”
Mike Rosten, Principal and Director of Litigation Support for PBTK wants to make sure the accountants and CPAs at the firm understand that every company is at risk for occupational fraud, even governments and non-profits.
“Fraud schemes are extremely costly for companies – according to the ACFE, the median loss is $140,000, and more than one-fifth of the fraud involves losses of at least $1 million,” says Rosten. “An ounce of prevention through internal controls, hotlines and setting the proper tone from the top can create a pound of protection for any organization.”
In its 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:
- Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
- Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
- Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
- Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit www.FraudWeek.com.
The 2012 Report to the Nations is available for download online at the ACFE’s web site: ACFE.com/RTTN. The Report is in PDF format.
About Piercy Bowler Taylor & Kern
Piercy Bowler Taylor & Kern is a full-service accounting and business advisory firm that provides accounting and auditing, tax, consulting, valuation and litigation support services. Founded locally in 1990, the firm specializes in the casino gaming and leisure time industries, governmental and not-for-profit organizations, real estate development and construction industries and the legal and general business communities. Now with offices in Sandy, Utah and Las Vegas, PBTK is one of the few independent accounting firms that do SEC audits. For more information on PBTK, visit pbtk.com or call 702.384.1120.
About the Association of Certified Fraud Examiners The ACFE is the world’s largest anti-fraud organization and premier provider of anti-fraud training and education. Together with nearly 65,000 members in over 150 countries, the ACFE is reducing the incidence of fraud and providing the training and resources to fight fraud more effectively. For more information about the ACFE, visit www.ACFE.com.