What’s involved with fraud prevention checkups, fraud risk assessments and ACL data mining tools?
For decision-makers on a limited budget, one of the best uses of time and money to minimize fraud potential is a tailored fraud prevention checkup. These projects are generally completed by a licensed CFE and can be conducted in a few business days or less for most organizations with revenue less than $250 million. The checkup involves interviews with management and key employees. Questions are targeted based on the company’s size and industry and the employees’ role in the organization. That information is compiled and a report is prepared that provides an overview of the entity’s fraud prevention performance. In contrast, fraud risk assessments dig deeper and can require compiling in advance certain company records (i.e., gratuity logs, beginning and ending trial balances, etc.). The interview process is more detailed. The organization’s risk is benchmarked against similar industry competitors. Finally, data analysis tools such as ACL have the capability to mine electronic data for s
