Fraud ReportingThe Association of Certified Fraud Examiners (ACFE) recently released its Report to the Nation on Occupational Fraud and Abuse. The report cited several sobering statistics.
- Occupational fraud and abuse impose enormous costs on organizations. The median loss caused by the occupational frauds in this study was $159,000.
What can we do to help protect EMS ISD from fraud?
- Participants in the study estimate U.S. organizations lose 5% of their annual revenues to fraud.
The same study by ACFE finds the following:
The management of a school district is responsible for implementing appropriate administrative systems and policies that will sufficiently diminish the risk of fraud. Fraud may be involved in instances of theft or inappropriate use of district assets. As part of these policies, the district seeks any information that would identify theft or misuse of district assets or suspected financial impropriety.One of TEA's recommended responses to new audit requirements resulting from Statement on Auditing Standards 99 is that district have in place "reporting systems to promote prompt reporting of suspected fraud to appropriate levels of internal management."If you suspect fraud or financial impropriety within the district, you may report your suspicions using the Let's Talk platform linked below. Please provide a detailed description of the suspected fraud within your submission. Your contact information is optional, but if submitted, it will be treated as confidential to the extent permitted by law (see district policy).
- Certain anti-fraud controls can have a measurable impact on an organization's exposure to fraud. Organizations that have an anonymous hotline lose an average of $100,000 less per year than those organizations who do not.
- Occupational frauds are more likely to be detected by a tip than by other means such as internal audits, external audits or internal controls.
Report Fraud here - Let's Talk - Central Office: Business and Finance