SVA Certified Public Accountants Professional Marty Mathias, CPA was recently featured in an In Business magazine article titled “5 Simple, Low-Cost Ways to Prevent Fraud”.
In the article, Marty discusses some easy and cost-effective ways to prevent fraud in an organization. These include implementing an independent bank reconciliation process, reviewing vendor lists annually, eliminating signature stamps, utilizing positive pay, and implementing an employee tip line.
The most common detection method for preventing fraud is tips. Organizations with reporting hot lines are more likely to detect fraud than other organizations without an employee tip line (47.3% compared to 28.2% according to the Association of Certified Fraud Examiners). Employee tip lines are an affordable option to provide employees with a tool to help protect the organization.
Marty is a Principal and a member of Business Advisory Services at SVA Certified Public Accountants, S.C. Marty has over 15 years of experience working with closely-held business and individual clients. His specialties include performing assurance services (audits, reviews, etc.), mergers and acquisitions services, general business consulting, as well as fraud and litigation support services. Marty's fraud and litigation support practice includes investigating embezzlement; analyzing financial aspects of legal disputes; insurance losses and fidelity bond claims.