Austin, TX (PRWEB) October 2, 2006
Businesses, agencies, executives, anti-fraud professionals and private practitioners will soon have a new weapon in the fight against fraud. The Association of Certified Fraud Examiners (ACFE), the leading provider of anti-fraud training and education worldwide, announced today the acquisition of the Internal Fraud Vulnerability Assessment Tool.
Created by Larry Cook, CFE, president of Cook Receiver Services Inc in Lenexa, Kansas, the IFVAT has assisted users in the US, Canada, and United Kingdom as a web application. The ACFE has enhanced the IFVAT application to develop a comprehensive Fraud Risk Assessment Tool that empowers business owners and private practitioners to assess any organization’s risk factors and vulnerabilities to fraud.
“All organizations have a risk of internal fraud – any organization is susceptible,” Cook said. “A fraud risk assessment is the most effective measure an organization can take to identify its vulnerabilities and make informed, cost-effective decisions on how to prevent and detect employee theft and fraud.”
The Fraud Risk Assessment Tool uses a standard risk assessment methodology to identify an organization's vulnerabilities to fraud; the threats to the organization's assets; the probability of a fraud occurrence in the organization; and the impact of any loss event to the organization. The tool assists the user with developing cost-effective recommendations for measures to mitigate the risks from employee theft and fraud.
Cook created the program after recognizing the need for a standard, comprehensive fraud assessment tool, especially for small-to-mid-size organizations, Certified Fraud Examiners (CFEs) and anti-fraud practitioners. Cook said that to hire an accounting firm for such a risk assessment can cost “five figures and up.” The Fraud Risk Assessment Tool provides a more cost-effective way to address the crucial need for fraud detection and prevention.
The Fraud Risk Assessment Tool is also simple to understand. The application can be used by business owners, auditors, accountants, or loss prevention personnel to self-assess the organization's vulnerabilities to employee theft and fraud. An employee with knowledge of the organization's accounting system and internal controls can complete the assessment. Additionally, the Fraud Risk Assessment Tool is even more effective when applied by an anti-fraud professional who can assist in developing effective measures to reduce, prevent, and detect fraud.
About the ACFE
The ACFE is the world's premier provider of anti-fraud training and education. Together with more than 38,000 members, the ACFE is reducing business fraud world-wide and inspiring public confidence in the integrity and objectivity within the profession. Certified Fraud Examiners (CFEs) on six continents have investigated more than 2 million suspected cases of civil and criminal fraud. http://www.ACFE.com