ESL Blogs

Assalam-o-alaikum Friends! I hope you are doing fine. Do you know this week is International Fraud Awareness Week (3-9 Nov. 2013)? It is a good time for the organizations to stop and assess their situation: Are you protected from fraud? Have you properly screened your employees? Have you conducted proper due diligence in terms of your bussiness relationships?

Any company that can answer  "yes" to all three of those questions is rare,indeed. For most,the reality is probably a lot cloudier.Everyday, new headlines come the fore regarding organizations that have been victimized in some way.When insider crime & fraud is discovered after-the-fact,it is difficult,sometime impossible,to fully recover those losses.

A new study from the UK's BDO and the University of Portsmouth has documented a disturbing trend:fraud cases have been spiking since the beginning of recession. The study looked at cases from across nine developed countries that took place between 2007-2012. The researchers determined that fraud losses suffered by organizations are atleast 3% of revenues and probably more than 5% and possibly more than 10%.

The amount of loss could put a bussiness under _ or cripple its finances to a degree that will take years from which to recover. In these challenging economic times, increased finacial pressure often mean an increase in fraud, making internal controls and through record keeping absolute necessities for your bussiness.

 BE SAFE PROTECT YOURSELF AGAINST FRAUD.