As an official supporter of the movement (also known as “Fraud Week”), Azran Financial joins hundreds of organizations who have partnered with the ACFE, the world's largest anti-fraud organization and premier provider of anti-fraud training and education, in a commitment to proactively fight fraud and help safeguard business and investments from this growing problem.
During Fraud Week, official supporters will engage in various activities, including: hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters, and teaming with local media to highlight the problem of fraud.
Azran Financial partner, Joshua V. Azran shared “As ACFE members, and personally as a Member of the Association of Certified Fraud Examiners (ACFE) Advisory Council, we feel strongly about this opportunity to raise awareness of fraud in the business community.”
ACFE President and CEO James D. Ratley, CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“While fraud prevention and detection is a year-round endeavor, International Fraud Awareness Week provides a great opportunity to spotlight this serious problem and stress the importance of anti-fraud training and education,” Ratley said. “Businesses and organizations who are involved in this campaign show an understanding that spreading awareness is key in combating the worldwide fraud threat.
“This marks the fifth year since Fraud Week became an international movement, and once again, we want to say ‘thank you’ to all of the Fraud Awareness Week supporters for making it a reality,” Ratley said.
In its 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:
· Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million.
· Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
· Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
· Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
· Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit www.FraudWeek.com.
The 2012 Report to the Nations is available for download online at the ACFE’s web site: ACFE.com/RTTN. The Report is in PDF format.
About Azran Financial
Azran Financial is a boutique Los Angeles Certified Public Accounting (CPA) firm providing Accounting, Audit, Tax & Advisory Services. Azran Financial is a full-service CPA firm providing: Accounting & Audit, Tax, Advisory, Forensic Accounting, Litigation Support, Business Valuation, Fraud Prevention & Detection, and Business Management services.
About the Association of Certified Fraud Examiners
The ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with nearly 65,000 members in over 150 countries, the ACFE is reducing the incidence of fraud and providing the training and resources to fight fraud more effectively. For more information about the ACFE, visit www.ACFE.com.