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Embezzlement Risks: What Every Business Needs to Know
ARTICLE | June 25, 2024
Authored by Vasquez + Company
Embezzlement is a common threat affecting companies of all sizes. The article "Embezzlement Affects Most Companies, So Remain Vigilant" highlights the various forms of embezzlement, warning signs, and preventive measures businesses can take to protect themselves.
Key Points
- Prevalence: Embezzlement affects companies of all sizes, from large corporations to small businesses, highlighting the need for constant vigilance across the board.
- Common Methods: Fraudulent billing, unauthorized transfers, and payroll schemes are among the tactics used by embezzlers.
- Warning Signs: Financial discrepancies, unusual spending, and employees living beyond their means are red flags to watch for.
- Preventive Measures: Regular audits, segregating financial duties, and fostering accountability can help prevent embezzlement.
By recognizing these threats and implementing strong internal controls, companies can safeguard their assets and maintain financial integrity.
For more information, read the full article here.
Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose
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