[fullwidth background_color=”” background_image=”” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_repeat=”no-repeat” background_position=”left top” video_url=”” video_aspect_ratio=”16:9″ video_webm=”” video_mp4=”” video_ogv=”” video_preview_image=”” overlay_color=”” overlay_opacity=”0.5″ video_mute=”yes” video_loop=”yes” fade=”no” border_size=”0px” border_color=”” border_style=”” padding_top=”20″ padding_bottom=”20″ padding_left=”” padding_right=”” hundred_percent=”no” equal_height_columns=”no” hide_on_mobile=”no” menu_anchor=”” class=”” id=””][title size=”1″ content_align=”left” style_type=”none” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]Loss & Fraud Prevention[/title][fusion_text]Taking a proactive approach to identifying and preventing losses in all forms is one of the best ways individuals can protect their income and assets.

“Loss Prevention Shield is the foundation of risk management for organizations and individuals. Individuals must be proactive in protecting their income, assets, and business interest to protect their future livelihood.  Our mission is to minimize the risk of financial loss through the identification and analysis of risk areas, implementation of loss control programs and other risk reduction techniques.”  – Medhat Bahnan, President Accounts International, LLC

A recent “KPMG Fraud Survey” found that organizations are reporting more experiences of fraud than in prior years and that three out of four organizations have uncovered fraud.  Accounts International is available to consult individuals and organizations in issues related to the management of financial risks.  We assist with the identification and analysis of risks and with recommending and developing strategies to best address the identified vulnerabilities.   Accounts International’s “Loss Prevention Shield” aims to eliminate financial losses due to violation of fiduciary duties by trusted advisors.  By existing as an independent third party which validates the action of fiduciaries, Accounts International provides assurance of financial integrity for its clients.

Questioning is one of the more valuable talents we offer to our clients.  Questioning their processes and why the conduct business in the manner that they do.  More often than not, small businesses simply do not want to spend to hire experienced, in-house talent to run their books and as such run the risk of these individuals acting non-ethically.  We have experienced numerous cases where a staffer in charge of bank statements and paying invoices would write some of the money to themselves or another account they accessed. By the time misappropriations are detected, the fraud typically runs in the tens of thousands of dollars or more.  We regularly works with firms and businesses to advise them on accounting fraud prevention.

Fraud is not an accounting problem; it is a social phenomenon.  Those who are sufficiently motivated, and provided the appropriate opportunity, will override or circumvent them.  No controls exist that provide absolute assurance against fraud.    Strengthening controls is seldom accomplished by enhancing one process; rather it involves a comprehensive review of the risks faced, the existing internal controls already in place and their adequacy in preventing fraud from occurring. Generally, a review of this nature involves an in depth examination of people, process, and technology.  Our best practice approach includes but is not limited to a series of recommendation’s including:

  • Use a system of checks and balances to ensure no one person has control over all parts of a financial transaction.
  • Reconcile agency bank accounts every month.
  • Restrict use of agency credit cards and verify all charges made to credit cards or accounts to ensure they were business-related.

[/fusion_text][title size=”2″ content_align=”left” style_type=”none” sep_color=”” margin_top=”” margin_bottom=”” class=”” id=””]Frauds And Loss Prevention Links[/title][fusion_text]‘L&O’ no! Actress loses $1M to thieving accountant

Paul Hogan Chases His Missing Offshore Millions

Jack Johnson Files for Bankruptcy

Dental office employee allegedly steals over $150,000

Gilbert Arenas’ assistant convicted of stealing more than $2.1 million[/fusion_text][/fullwidth]