Aho + Associates Joins Movement to Raise Fraud Awareness
International Fraud Awareness Week kicks off Nov. 3, 2013, worldwide
SONOMA, CA– Aho + Associates announced that it will be participating in International Fraud Awareness Week, Nov. 3-9, 2013, as an official supporter to promote anti-fraud awareness and education. Organizations around the world lose an estimated 5 percent of their annual revenues to fraud, according to a study conducted by the Association of Certified Fraud Examiners (ACFE).
Aho + Associates joins hundreds of organizations who have partnered with the ACFE, the world's largest anti-fraud organization and premier provider of anti-fraud training and education, for the yearly campaign also known as “Fraud Week.” The movement raises awareness of the need to proactively fight fraud and help safeguard business and investments from the growing fraud problem.
Aho + Associates Principal, Lorraine Aho a Certified Fraud Examiner with over 20 years experience says, “The North Bay is powered by small family businesses. We are committed to stopping fraud and embezzlement, which can devastate and bankrupt companies and individuals in the North Bay and around the world. It’s the #1 reason why small companies go out of business.”
In its 2012 Report to the Nations on Occupational Fraud and Abuse, the ACFE found that:
· Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million.
· Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
· Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
· Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
· Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.
For more information about increasing awareness and reducing the risk of fraud during International Fraud Awareness Week, visit FraudWeek.com.
About Aho + Associates
As Certified Fraud Examiners, Aho + Associates provides specialized forensic accounting services and litigation support, as well as offers fraud prevention and training services.
About the Association of Certified Fraud Examiners
Founded in 1988, the ACFE is celebrating its 25th anniversary as the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with more than 65,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. For more information, visit ACFE.com.
For More Information Contact:
Aho + Associates: Lorraine Aho CFE, (707) 938-7533
ACFE: Scott Patterson, (512) 478-9000, ext. 156