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ARTICLE · 11 FEBRUARY 2015

Protecting Your Small Business From Fraud

MNP LLP
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With all the recent business fraud scandals, many small business owners are wondering when they’ll discover fraud within their own organization.

CanadaCorporate/Commercial Law
MNP LLP
MNP LLP
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With all the recent business fraud scandals, many small business owners are wondering when they'll discover fraud within their own organization.

After all, according to the Association of Certified Fraud Examiners' 2014 Report to the Nations, on average, 5% of an organization's gross annual sales are lost to fraud. The report also indicates that the average case of fraud occurs over a period of at least 18 months before it is detected.

Small businesses are particularly susceptible to fraud for a number of reasons:

1. The owner-manager is typically the driver of sales, out promoting the business and working to create revenue, yet not comfortable with the reporting requirements internally and therefore not aware of how receivables and payables are being managed.

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