Home > Business Fraud > What is your CFO a Chief Financial Officer, or Chief Fraud Officer?

What is your CFO a Chief Financial Officer, or Chief Fraud Officer?

I am not saying that all CFO’s are fraudulent, I know that many out there are hard working individuals, but as I read the news everyday, there are more cases of the CFO being involved with Fraud, either to cover it up, are committing it, or just not up to date enough on what is really going on in the business.

The CFO is the person to look to when anything financial goes wrong with a company, but even after that person has stated that everything is going well, it is up to the CEO, Chief Executive Officer, or Chief Error Officer, along with the Board of Directors, to be sure that the information that they have is accurate.

When you are doing your taxes, do you trust your *luck* for doing the dubious task, or do you hire an account to be sure that you are recording everything you need to for a fair shake from the government?

You hire an accountant if you don’t know the laws and regulations, but everyday I read about a person that is in charge of the finances for a business, that either didn’t see the fraud going on or was part of fraud in business.

While doing my due diligence on this topic today I found the following articles in CFO Daily News,

Marks of a fraudster: Do your staffers exhibit any of these red flags?

Who’s stealing from you? Probably not who you think …

Really all these do is tell you that there is fraud, ok maybe I am dense but Duh, this is a problem that is growing and being a CFO you would need to keep on the lookout for all of this, but it is also the responsibility of the Board as well as the CEO for any business to be sure that this is not happening in your business.

Notice in the article for who’s stealing from you, I think that if you only go by what it says are the leading ones for being the ones committing fraud, you will be missing a great portion of the persons that are able to be committing fraud in your business.

There is more to it than profiling someone, especially in this economic climate, people that you would not have believed capable of this are turning to this as a way to make ends meet, I am not saying it is right or ok to do this, I only say the rise in Fraud in all its vicious forms will continue unless you empower yourself and your company with information and education.

For assistance with fraud prevention please contact us via www.dlbandassociates.com, and as always comments are welcome.

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