Fraud negatively impacts an organization in many ways; fraudulent activity can damage an organization's reputation and undermine a company’s financial security. On its face, most individuals see the damage incurred by fraudulent activity measured in terms of monetary loss which, depending on the size of the fraud can be significant. However, the full cost of fraud is immeasurable in terms of time, productivity, and loss of reputation. Therefore, it is important for organizations to implement a “Fraud Program” that includes awareness, detection and prevention. Organizations must develop a comprehensive risk assessment program to ensure fraud risk is indentified throughout the organization. A heightened regulatory environment and more scrutiny from internal and external auditors have increased vigilance in organizations' efforts to address fraud risk.
VTD is able to assist your organization with discrete and comprehensive fraud investigations. VTD’s Certified Fraud Examiners (CFE’s) have the experience to handle the most sensitive allegations and complete an investigation with professionalism and discretion.
VTD provides comprehensive reviews of your organizations' internal controls. VTD’s team of seasoned Certified Public Accountants (CPA’s) and Certified Internal Auditors (CIA’s) can evaluate your organizations' control environment to ensure compliance with current regulatory standards and industry benchmarks. Our team uses the COSO enterprise risk management framework as its benchmark to indentify components of your control environment that may be compromised due to errors or fraud.
VTD can perform analytical reviews of key accounting areas such as payroll and accounts payable to uncover possible fictitious employees or duplicate payments to venders. Our Auditors use state-of-the art data mining software to analyze relationships among sets of data to identify trends that may reveal possible fraudulent activity.
One way to prevent fraud is to ensure that fraud education and awareness is communicated throughout the organization. Our fraud awareness presentation is industry specific and effectively communicates to management and employees the key areas of fraud.