Fraud is a risk for every business. Fraud can be an expensive drain on an organization’s resources. Arora & Gulrajani has been proactive in the fight to prevent fraud. We have done numerous presentations to organizations on the types of common frauds and effective internal controls.
In addition, Arora & Gulrajani can assist in your evaluation of your organizations internal controls and vulnerabilities for fraud occurring. Red flags are common with most types of fraudulent activity. Red flags are warning signs that something could be or is wrong. Employees and management need to be aware of them in order to, at the very least, monitor the situation and correct it as needed. Employees who notice that red flags are ignored may mistakenly believe that it is okay to commit fraud because they believe they will not get caught. A little fraud soon becomes a large fraud if left to grow.
What Should You Do If You Suspect Fraud?
- Document all conversations as to when, where, who was present and what was said.
- Write down a chronology of events that led to your suspicion.
- Ensure the safekeeping of all original documents.
- Consider the extent of risk that a suspected person could destroy documents and if their access should be limited.
How Can Arora & Gulrajani Help?
Arora & Gulrajani has auditors trained in forensic accounting and a CFE (Certified Fraud Examiner) on staff to supervise the work. Our experienced professionals can guide you through the process.
We can perform a forensic audit to determine if there is evidence of fraud, identify the method(s) used, and document the amount of possible loss. We can advise you when to notify legal counsel, your insurance carrier, and law enforcement. At the completion of our audit, we will provide a report that can be used to document the loss for insurance claims, criminal proceedings or possible civil action seeking restitution. We are also available to provide expert testimony.
We evaluate the internal control structure to note any weakness. Our report provides recommendations for improved internal controls to prevent reoccurrence.
Related services include:
- Internal Control Audits
- Organizational Studies
- Performance Audits
- Other Agreed-Upon-Procedures