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As reported this week in EurekaAlert, Drs. Joe Brazel of North Carolina State, Keith Jones of George Mason University and Mark Zimbelman of Brigham Young University have set out a new fraud detection system utilizing nonfinancial measures which are both easily accessible and yet industry-sector specific. Published in the Journal of Accounting Research, their paper, "Using Nonfinancial Measures to Assess Fraud Risk," defines key metrics not susceptible to creative accounting or manipulative changes in accounting methods. Among these are employee numbers and growth, as well as sector specific indicia such as retail locations, facility square footage and customer-patient visits.
See the Association of Certified Fraud Examiners.
Are you feeling the fraud and doing business anyway? Vendor fraud can beggar your profits and scramble your plans. Fraud on the other side of a deal distorts the potential of your deal,[link widoczny dla zalogowanych], opens you to liability in different directions, and will surely distract your management from its mission. And yet, are you unsure that you are seeing what you are seeing? Does the other side bristle at any question you pose, retorting 'there's no one here but us angels' despite those little red flags which prick your thumbs? If you're a victim of fraud, it's rarely just you: the perpetrator usually has a pattern and practice of fraud. The problem is teasing out that information. Beyond bald reputation, the information does not get shared, at least not until indictment. That's a problem. Now,christian louboutin, three researchers have defined a new tool for you to use: NFM's (nonfinancial measures) and their discrepancies with reported results. Now you can look at easily accessible metrics and make meaningful conclusions as to whether the other party is, in a word, crooked. These researchers are developing an online tool to further diagnosis.
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In their study, funded by the Institute of Internal Auditors Research Foundation and the Financial Industry Regulatory Authority Investor Education Foundation, the researchers analyzed hundreds of companies, half of which were known to have committed fraud and half of which not. Analysis of the fraudsters showed a sharp discrepancy between employee growth and revenue growth,[link widoczny dla zalogowanych],[link widoczny dla zalogowanych], 20%, while analysis of the honest companies showed that employee growth closely tracked revenue growth. Findings were similar for the other NFM's.
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Once the researchers' tool comes online, will there be a place for major fraud to hide? If you're large enough, you can even get behind that "'mistaken" double billing,[link widoczny dla zalogowanych], missing credits, short shipments, and thin service. As you wait, try the analysis yourself. Their paper appears in the December 2009 issue of the Journal of Accounting Research, Volume 47, Issue 5 and was published online in July 2009.