REDW Launches Fraud Hotline Service

Feb. 5, 2013 - PRLog -- REDW LLC, one of the top 10 largest and most respected CPA firms in the Southwest, announced today that it will partner with The Network, Inc., the leading national provider of hotlines, to provide a new fraud hotline service for organizations across all industries. From privately held businesses and government agencies to tribal and nonprofit organizations, subscribers will be able to join the REDW Compliance and Fraud Hotline to gain access to a 24/7/365 telephone hotline where employees can report fraud, waste and abuse, regulatory compliance violations, and many other types of financial offenses, including theft, falsification of records, conflicts of interest, unauthorized discounts, and kickbacks.

According to the Association of Certified Fraud Examiners (ACFE) in its 2012 Global Fraud Study, the number one way most on-the-job fraud is discovered (more than 50 percent of the time) is through a tip by another employee.

REDW secured the ability to provide the service under its brand in order to help organizations―REDW clients and non-clients alike―strengthen their fraud deterrence programs. Steve Cogan, the Principal leading REDW’s internal audit practice, said the new service “will be an important tool organizations can use to create an environment where the opportunity for fraud is decreased and the likelihood of discovery is increased. The key is to discover fraud as early as possible, since the longer it goes on, the greater the losses. This tool truly complements other risk management efforts organizations may be undertaking.”

The ACFE estimates the average loss for occupational fraud was $140,000 in 2012 and the average scheme went undetected for up to 18 months. The service is completely anonymous to protect employees against retaliation.

Ed Street, Principal and head of REDW’s Forensic Accounting department, said: “Clients will be able to use hotline tips to launch internal investigations and use any evidence gathered to help recover losses and take appropriate actions regarding those responsible.”

REDW can assist organizations in maximizing the benefits of the REDW Compliance and Fraud Hotline to correct compliance mistakes, implement better internal controls, and build support for insurance claims, terminations or legal charges. The firm offers internal audit, forensic investigation, litigation support, and expert witness testimony as part of its core suite of services.

For additional information on how this service can benefit your organization, please visit http://www.redw.com or contact Steve Cogan at (505) 998-3256 or scogan@redw.com or Ed Street at (505) 998-3228 or estreet@redw.com.

About The Network, Inc.
The Network pioneered the employee hotline industry over 25 years ago.  Today, more than 2,500 organizations, including almost half of the Fortune 500, rely on The Network for centralized reporting of sensitive workplace incidents. The Network also offers comprehensive communications services to support employee communications initiatives. For more information about The Network, call 800-357-5137 or visit www.tnwinc.com.

About REDW LLC
Founded in 1953, REDW is one of the top 10 largest and most respected certified public accounting and business consulting firms in the Southwestern United States, according to the 2012 Top 100 Firms report released by Accounting Today.  

In November 2012, REDW joined forces with two prominent Phoenix-based firms—Abalos & Associates PLLC, and Miller, Allen & Co., P.C., positioning REDW as the 18th largest CPA firm in the Phoenix metropolitan area, according to the 2012 Accounting Firms list published by the Phoenix Business Journal.

With headquarters in Albuquerque, NM and an office in Phoenix, AZ, REDW is home to nearly 200 employees. Together they serve the tax, audit, business and financial needs of a wide range of clients, including privately held businesses, tribes and tribal enterprises, local and state government agencies, healthcare and financial institutions, nonprofit organizations, and individuals both regionally and nationally.

In partnership with clients, REDW looks beyond conventional wisdom to deliver practical, innovative and cost-effective solutions and business strategies. For additional information, please visit redw.com (http://www.redw.com/).