After last week’s informative podcast on the significance of internal controls, this week Alexander and Peter are back with their take on what to do once fraud has occurred within a company. While the first reaction might be to panic, Peter suggests that just the act of doing something – reporting the fraud to the authorities, trying to find a forensic accountant, notifying an attorney – is a fulfillment of your fiduciary duty as a leader, board member or owner of a nonprofit. And this doesn’t have to be hard; just search for “forensic accountant chicago” or wherever is local to you and you will find the best forensic accountants who can investigate. Additionally, the true goal of fraud management, after all necessary internal controls are correctly established, is to find as much evidence of embezzlement as possible while simultaneously attempting to get ahead of the situation rather than turn to secrecy. This may come in the form of working with a mobile forensics expert, who will be able to gain access to things that are not visible on the surface that may be vital in the case.
If you or someone you know has experienced fraud or is worried about fraud threatening the livelihood of any company, go ahead and hit that play button to find out how you can be informed, vigilant and as protected as possible.