Completing risk assessments, a valuable management tool

Risks assessments are performed by external auditors to develop plans to meet the audit’s objectives. However, risk assessments can also be performed internally and used as a valuable management tool to determine if internal control structures are functioning as originally designed or if changes are necessary. In an everchanging regulatory environment as well as inevitable …

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New tactic in IRS phone scams to defraud you

Everyday scammers are hard at work trying come up with new ways to use technology against you in their never-ending efforts to fraudulently take your money. Their latest tactic is to use equipment that can “spoof” the caller ID on your phone to make it look like the call is from a legitimate IRS office. …

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Risk management and internal control

Risk management and internal control are vital to a business’s financial health, but can often be put to the wayside amongst required day-to-day work. However, the benefits of taking the time to prioritize risk management can far outweigh the time put in up front. With the wide range of uncertainties faced by organizations, risk management …

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Don’t give employees opportunity to commit fraud

The term “segregation of duties” is used in the prevention of fraud within an organization. It involves separating duties among employees so that no single staff person is put in an advantageous position to exploit their control for self-gain. A large factor in how someone commits fraud and gets away with it is that they …

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Scam alert: IRS urges taxpayers to be vigilant

We are taking a small break in the tax reform blogs to let you know that the IRS has issued an alert on a growing trend in scams aimed at taxpayers. Here is how the scam works – and keep reading, because there are different versions. After stealing taxpayer data and filing fraudulent returns, the …

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Beware: IRS ransomware scam, tax fraud

IRS scams seem like a reoccurring topic in our blogs. Sadly, I doubt that will change anytime soon. While some scams lose their effectiveness with time and public awareness, scammers are constantly looking for new ways to take people’s money. The IRS has recently warned of a new scam that comes in the form of …

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The basics of preventing fraud in any business

Upon hearing the term “fraud,” companies like Enron and Worldcom typically come to mind. While it’s usually these large, complex cases that get the public’s attention, the truth is that numerous forms of fraud can run rampant in any type of organization. In fact, a study by the Association of Certified Fraud Examiners (ACFE) reported …

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Equifax data breach – how to protect yourself

If you haven’t heard by now, credit reporting agency Equifax has been hacked. According to Equifax, the breach happened from mid-May through July and exposed sensitive personal information of 143 million Americans. Hackers got their hands on people’s names, Social Security numbers, birth dates, addresses and even some driver’s license numbers. They also stole credit …

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Scammers setting up fake charities – again!

Unfortunately, it is time to update a blog from some time ago, warning about unscrupulous scammers out there trying to take advantage of the good intentions of the American taxpaying public with fake charities. (See previous blog post, though many of the same suggestions still apply, but with updated information.). The IRS issued a warning …

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Have you completed an internal risk assessment?

If an auditor were to ask you, “What is your opinion of your internal controls,” how confident would you be in your answer? Do you really know how strong your internal controls are for your organization? The best way to find out for yourself is to perform an internal risk assessment on your controls. This …

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