Fraud Prevention

As a Certified Fraud Examiner (CFE) licensed and trained by the Association of Certified Fraud Examiners, E. Wayne Bostain is specially trained to help businesses with fraud prevention.  Whether you suspect fraud in your company or simply want to prevent it, Wayne Bostain can help you with business fraud concerns.

Due to the combination of in-depth experience, training and certifications Wayne Bostain possesses, he is frequently sought out for complex circumstances involving actual or suspected fraud locally in Virginia Beach, Chesapeake, Norfolk, Suffolk, Portsmouth, the Greater Hampton Roads area, state-wide in Virginia and in other states within the South East.  

• Fraud risk assessment
• Establish and/or re-examine internal fraud controls
• Continuous forensic auditing

Fraud Risk Assessment

All types and sizes of business entities are at risk for fraud.  On average, businesses loose 5% of it's annual income to fraud. This is a median cost of $160,000 annually.

Wayne Bostain offers his clients a vast history of experience and training in fraud help for small to large corporations, public corporations and non-profit organizations.

Through a thorough examination process, Wayne Bostain first conducts a fraud risk assessment. A fraud risk assessment can identify both potential and actualized sources of fraud. In some cases, when fraud is suspected, a fraud risk assessment will not only identify known instances of fraud but also uncover unknown instances of fraud.    

What exactly is fraud?  In general, there are three basic types of fraud -- asset misappropriation, corruption & fraudulent financial statements. During the fraud risk assessment process, a forensic fraud audit can help uncover actualized instances of fraud as well as help develop strategies for the prevention of fraud.

Internal Fraud Controls

Effective prevention of fraud includes setting up and/or re-examining operational controls within a business called internal fraud controls.  Internal fraud controls help with the management of fraud.  In public companies, internal fraud controls are required by law under The Foreign Corrupt Practices Act (FCPA) of 1977 and, more recently, the Sarbanes-Oxley Act of 2002 (SOX). The SOX requirements were established partly due to the corruption that occurred in companies such as the Enron and WorldCom scandal. 

No matter how big or small your business is, fraud can have a devastating impact. By identifying ways theft or loss might occur and what measures can be put in place to prevent fraud, Wayne Bostain will help your business evaluate and set internal fraud controls.  

Internal fraud controls often focus on areas where highly trusted people within a business have a position and responsibilities creating an opportunity for fraud. Part of the expertise Wayne Bostain offers through his training and experience as a Certified Fraud Examiner is an in-depth understanding why people commit fraud and what can be done to prevent it.

Continuous Auditing

Accounting procedures for internal control combined with continuous auditing can prevent fraud and even improve company profit by identifying ways to operate more effectively and efficiently.   

Preventing fraud with the help of an experienced accounting professional like Wayne Bostain is the best way to safeguard the financial future of any business. An ounce of prevention is worth a pound of cure. Make sure you have the experience of Wayne Bostain representing your business' financial interests to prevent fraud before it occurs.

Call our office today at (757) 486-6767 to schedule an appointment for a free new client consultation.