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Greg Plotts and Carol Barnard participated in Association TRENDS’ Nonprofit Finance & Accounting Summit on September 12th and 13th in Washington, D.C. Finance professionals must know about new regulations and industry best practices, or else they risk fraud, embezzlement, legal prosecution or fines, loss of their tax-exempt status, declining membership, or even bankruptcy. This conference gave attendees the opportunity to hear from industry experts about what changes are coming down the pipeline and which strategies can help them excel.
Attendees were encouraged to meet and hear from our experts as they led the following breakout session from 11:30 a.m.-12:30 p.m. on September 12th:
2018 Top Fraud Risk Considerations in Exempt Organizations
Greg and Carol discussed the hottest topics in fraud schemes and gave an overview of steps for detection and prevention, including data analytics and leveraging technology to alert you of fraud indicators. During their presentation, our experts gave a background on why fraud is so devastating to exempt organizations. They went through some of the 2018 statistics from the Association of Certified Fraud Examiners about fraud in the workplace, including how often it occurs and what situations lead to the greatest losses. Finally, Greg and Carol went through the different fraud schemes with case studies and discuss elements of fraud, how to detect it and how to prevent it.
At the end of this session, attendees walked away knowing:
- Why nonprofits are so sensitive to fraud
- What fraud is, who is committing fraud, and typical schemes
- Red flags to watch out for that are conducive to fraud occurring
- How to assess the fraud risk at your organization
- How to leverage technology and data analytics to detect fraud
- Useful tips for improving your internal controls to help mitigate against fraud
- How to take action if your organization has been hit with fraud