Workplace Fraud More Widespread Than You Think
The Chronicle-Herald (06/29/09)
Workplace fraud involving smaller amounts of money and missing inventory is a common, ongoing problem in Canada, according to a spring survey by KPMG’s forensic practice. This survey has also found that nearly 75 percent of such fraud is carried out by men, with 69 percent of the fraudsters between the ages of 30 and 49. Although workplace fraud can be committed by employees in all areas of a company, most fraudsters are at an age when their financial concerns are greatest and when they have enough experience to carry out a theft. Joyce McGeehan and Sarah Drysdale, both of the forensic accounting group with Grant Thornton LLP in Halifax, have developed a list of suggestions to help companies avoid workplace fraud. For starters, management should inform all employees of the expectations for ethical behavior and maintain a culture of openness within the organization. In addition, an anonymous hotline for whistleblowers can make it easier for employees and customers to alert the management to any problems. Appropriate due diligence should also be conducted on new hires, and managers should be aware of any behavioral changes among existing employees. Finally, fraud risk assessments, whether formal or informal, should be conducted regularly. Whoever performs these assessments should consider that intangible assets such as customer information can be stolen too, McGeehan and Drysdale said.

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