Fraud Prevention and Detection

Fraud Prevention and Detection makes the business owner aware of internal and external fraud, corruption, asset misappropriation and financial fraud. We will also discuss the Fraud Triangle which are the components that lead to fraud. Steps to Prevention and Detection, (1) communication, (2) checks and balances, (3) follow through. Being aware of how and why fraud is committed can save the business ten’s if not hundreds of thousands of dollars. Fiduciary Fraud - Black's Law Dictionary defines fiduciary as, “a person who is required to act for the benefit of another person on all matters within the scope of their relationship; one who owes to another the duties of good faith, trust, confidence and candor; one who must exercise a high standard of care in managing another's money or property.” The presentation will (1) identify various contexts in which a fiduciary duty exists, (2) determine how the actions and inactions of a fiduciary can cause a breach of fiduciary duty, (3) recognize how breaches often lead to fraud, losses and damages, (4) recognize that civil breach of fiduciary duty claims can prove invaluable in preparing a criminal theft or embezzlement case. J. Richard Claywell, CPA, ABV, ASA, CBA, CVA, CM&AA, MAFF, CFD, ABAR richard@biz-valuation.com 281 488-7531