Fraud Risk Diagnostic Evaluation

PRIMARY CONTACTS:
Joel M. Rosenthal CPA, CVA, CM&AA
Marc Brdar CPA, CFF, CIA

Fraud can be catastrophic in both financial and reputational terms, and therefore, requires executive commitment to address related risks so that an organization is adequately protected.

Unfortunately, many companies find out about their weaknesses only after they have been exploited by a fraudster. Even smaller frauds are a drain on an organization's financial resources. In today's environment, no organization wants to throw away even a small percentage of revenues (3% to 5%) in fraud losses. Given recent headlines, fraud is at least on the radar of most organizational leaders. Executives typically wonder whether fraud can occur within their organization, beholden to their trust that their accountants have things in order, but lacking the expertise or resources to truly assess the status of their organization's fraud mitigation program (if it exists).

Schneider Downs Business Advisors can assist executive leadership by performing an organizational Fraud Risk Diagnostic Evaluation, the first step in assessing an organization's fraud readiness.

The minimal investment made for a Fraud Risk Diagnostic Evaluation can be offset by triggering necessary improvements or by simply serving as validation of the current state of the fraud mitigation program.

Fraud Mitigation Program

Our quick and efficient approach consists of an analysis of the following areas an organization's fraud mitigation program:

  • Governance & Communication
  • Management Ownership of Responsibility
  • Identification of Key Fraud Risks
  • Fraud Risk Tolerance and Management
  • Environment Level Controls
  • Process Level Controls
  • Proactive Fraud Detection and Investigation

In evaluating these areas, we highlight weaknesses in an organization's fraud mitigation program, so that the organization can make necessary modifications, including the possible performance of a fraud risk assessment.

About Schneider Downs Business Consulting

The Schneider Downs Business Consulting group is experienced in handling business interruption matters with forensic accounting professionals and litigation support specialists. Additionally, our Business Consulting group managed our research and consulting work on the Paycheck Protection Program (PPP), so the team is uniquely qualified to prepare potential claims related to losses from COVID-19.

Learn more about our Business Consulting services at www.schneiderdowns.com/fas-business-consulting or contact us for more information. 

case studies

 
Let’s discuss preventing ransomware attacks on your company. Email me directly <a href='mailto:twarren@schneiderdowns.com?cc=contactSD@schneiderdowns.com'>here</a>.
big problem:
Let’s discuss preventing ransomware attacks on your company. Email me directly here.
big thinking:
Company impacted by ransomware.
 
Let’s discuss opportunities to reduce your company’s tax burden. Email me directly <a href='mailto:dmorally@schneiderdowns.com?cc=contactSD@schneiderdowns.com'>here</a>.
big problem:
Let’s discuss opportunities to reduce your company’s tax burden. Email me directly here.
big thinking:
Inefficient tax credit realization.

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Pittsburgh, PA 15222

[email protected]
p:412.261.3644     f:412.261.4876

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[email protected]
p:571.380.9003

contact us

Map of Pittsburgh Office
Pittsburgh

One PPG Place, Suite 1700
Pittsburgh, PA 15222

[email protected]
p: 412.261.3644     f: 412.261.4876

Map of Columbus Office
Columbus

65 East State Street, Suite 2000
Columbus, OH 43215

[email protected]
p: 614.621.4060     f: 614.621.4062

Map of DC Office
Washington, D.C.

1660 International Drive
McLean, VA 22102

[email protected]
p: 571.380.9003