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The Importance of Assessing Fraud Risk for Nonprofits – Marcum LLP

The Importance of Assessing Fraud Risk for Nonprofits – Marcum LLP

Those who work for nonprofit organizations are used to being asked by their auditors what processes they have in place for identifying, responding to, and monitoring fraud risks. Often, the response describes an informal process that includes a description of the segregation of duties and review procedures in place.Given that nonprofit-focused fraud schemes aren’t going out of style anytime soon, organizations must have an operational, concrete fraud risk assessment process in place.A tarnished reputation is one of the most damaging effects a fraudulent act can have, especially on a nonprofit organization. Sure, fraud resulting from an employee skimming funds, creating fake… 

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