User Review
( votes)Do you rely on auditors to detect financial red flags at your organization? You might be surprised to learn that only 4% of fraud cases are detected by auditors, which means it is time to switch your focus to internal controls instead. More than 43% of accounting scams come to light through employee tip-offs, or reports from vendors and other sources. That means you are better off taking a proactive approach.
To make matters more urgent, payments and invoice fraud attacks rose by 112% in the second quarter of 2020 thanks to the pandemic. As companies adapted to COVID-19, remote or hybrid teams may have exacerbated this problem as their controls over their organization’s finances became weaker. At the same time, business email compromise attacks shot up by 11% over the same period.
Let’s look at some recent accounting scandals, and some steps you can take to make sure the same thing does not happen to your business.
The post Accounting Scandals Making Headlines in 2021 appeared first on ERP Cloud Blog.
