Fraud prevention begins with you!
We have a responsibility to ensure that all that can be done, is being done to protect the employees, the assets of the college, and the reputation of the college. A single act of fraud would have a devastating impact on an employee and their family, as well as a negative impact on the reputation of the college.
As part of the college’s annual fraud detection and deterrence plan, the following will occur this year and in years to follow:
- spot audits and risk assessments will be conducted within different departments
- internal auditors from an independent CPA firm will conduct reviews and testing of our controls on a regular basis in addition to our annual audit by state auditors
- professional development classes on fraud prevention and detection will be provided
- inventory counts and reconciliations will take place as stated in the property control policy
Perhaps the most important part of the annual fraud detection and deterrence plan is that we will be heavily promoting the ethics point hotline where suspected and known fraud can be reported anonymously. According to a report provided by the Association of Certified Fraud Examiners, 34 percent of fraud cases are detected by employees, customers or vendors while only 12 percent are found by external auditors. So in other words, you identify fraud better than financial audits, so plan to repeatedly hear about fraud prevention as we will be discussing it regularly.
- Have Zero-Tolerance for fraudulent activities
- Adhere to Internal Controls to protect yourself
- It is your duty and responsibility to report known and/or suspected workplace fraud at the link below
