
9 de February de 2023
Thanks to a survey carried out by the ACFE (Association of Certified Fraud Examiners) in which the main auditing firms in the world participated, we know that there are a series of patterns that are repeated in most cases of accounting fraud.
These are actions in which the trust of a person or organization is violated in order to profit, obtain money, services, or goods, under improper circumstances.
In today’s article we will see how accounting fraud affects companies, in addition to classifying the most common types of financial fraud and the importance of accounting services colombia.
If there is one thing that all types of accounting fraud have in common, it is that they are capable of causing serious damage to companies, being today one of the greatest risks to avoid when running a company.
We have an example with fraud related to corporate expenses, which usually generate serious problems both among employees of the same company, as well as serious economic problems for the same. This almost always ends up destroying trust between employees and managers, creating an atmosphere of tension that is not recommended for the proper functioning of the company.
Unfortunately, these accounting frauds linked to corporate expenses are one of the most common types of fraud that we can find today, but they are not the only ones by far.
All accounting fraud entails capital losses for the company, the amount of which varies depending on the size and activity of the company in which the fraud is carried out, and may involve losses of thousands of dollars or, in more serious cases, even millions of dollars a year.
Expense control, reimbursement and financial information are part of the day to day of any company, whether it is an SME or a corporation with offices around the world.
It is important to ensure that the management of all expenses is a consistent and effective method. It implies having controls to immediately detect irregularities such as accounts not accumulated, leaked or transactions that are not transparent or incomplete.
The ACFE (Association of Fraud Certifiers) has made a statement on this issue, warning that 90% of professionals dedicated to corporate finance agree that the uncertainty created by COVID-19 will continue to increase fraud alerts related to business expenses. In this regard, Andi McNeal, Head of Research at ACFE, recently spoke, providing us with the data that the increase in the types of fraud within the company has increased by 79% since 2020.
In order to prevent the accounting fraud that generates so many problems in time, it is important that our company complies with the following conditions:
1.- Companies must adapt as quickly as possible to the procedures required in the audit and control policies.
2.- Establish in the company the so-called culture of regulatory compliance, which implies compliance with the rules within the company.
3.- Integrate technological mechanisms that are effective in controlling fraud in our company.
If you are looking for a solution for your company, there are very good automation systems based on artificial intelligence that are capable of helping us when carrying out an expense audit and that promote financial standards, as well as the best practices to be carried out for the business.
In short, fraud prevention today requires the adoption of technological solutions that are truly effective for companies, since without them we would not be able to process large amounts of data, identify errors quickly and easily, in addition to avoid financial losses.
To finish, we will see the different types of financial fraud that are most common today: