Fraud Response and Prevention: Essential Steps for Businesses

ARTICLE | July 10, 2024

Authored by Vasquez + Company

Occupational fraud can significantly impact a business's finances, reputation, and internal culture. Immediate actions are crucial in managing the aftermath of fraud, including terminating perpetrators, pursuing legal actions, and reinforcing internal controls. Swiftly addressing the situation with the help of legal counsel and forensic accountants can mitigate losses and ensure thorough investigations.

Key Points

  • Immediate Actions: Terminate perpetrators and consider civil or criminal action.
  • Legal Counsel: Involve attorneys early to guide the investigation and legal processes.
  • Forensic Accounting: Engage experts to analyze data, identify suspects, and recover losses.
  • Internal Controls: Implement and rigorously follow internal controls to prevent and detect fraud.

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