Based on the gathered facts by ACFE, a typical fraud scheme are discovered after 14

months so when an executive team up with the accounting department the fraud will be discover
years later because these perpetrators have a full access on the company’s operations and
knowledge of how the internal controls works. The ACFE mentioned that companies who trained
their employees under fraud training and reporting gather tips through formal reporting
mechanisms contributes in minimizing the median losses. It was reported 72% of all
occupational fraud are committed by men which I agree with because the worst corporate
scandals are committed by men who were the owners and executives and they cause the largest
losses. These employees start at a lower position gaining the trust of their co-workers in which
they are very cautious when they start pocketing cash and as they get promoted they analyse and
identify the gaps of the company’s internal control. So it indicates that the longer the perpetrator
works at a company the better he will be great in fraud or worst an expert. Due to lack of basic
accounting controls and no ethical practices in small businesses are easy target of fraud resulting
to a larger median losses compare to a larger organization. It means that no matter the size of
your company is fraud can appear anytime and any organization as long as the perpetrator has a
motivation to commit fraud and it is very important to strictly implement internal controls to
minimize fraud.