Sullivan & Company
50 Holden Street
Providence, RI 02908
Fraud Protection & Detection
Fraud In Your Workplace
Business owners should pay close attention to extreme challenges faced by employees that may cause instability in life circumstances. A spouse out of work or signs of financial pressures from mortgage payments or credit card debt may be enough to motivate a stressed employee to do the wrong thing. Not surprisingly, cash is often a fraudster's most attractive target. Organizations are most susceptible at points where cash comes into or leaves the business. Sometimes, blind trust by the owner or supervisor which is, ultimately, no substitute for good controls and vigilant management oversight.
Businesses are faced with tough choices to remain competitive. Downsizing, for instance, may lead to employees performing incompatible duties with lack of separation of critical functions. The burden of an increased workload and the uncertainty of continued employment may create an environment where employees feel justified taking funds or goods from their employer. While greed has been the prime motivator of fraudsters in the past, today's fraudster is often motivated by personal hardship.
Our professionals are trained to look beyond the numbers and deal with the business reality of the situation, integrating accounting, auditing and investigative skills. We are frequently retained to analyze, interpret, summarize and present complex financial and business-related issues. We step in to assist in investigative matters often involving criminal wrong-doing such as falsification of financial statements, identity theft, insurance fraud, and employee theft.
In fact, our firm spearheaded the forensic audit that identified the sources involved in the largest private embezzlement in Massachusetts history.
We also help in matters of litigation support providing actual presentation of economic issues related to existing or pending litigation and quantification of economic damages. For more information, contact David Fontes at DFontes@Sullivancpa.com or via phone at 401-272-5600.