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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.
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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