CHICAGO - Baker Tilly’s Monica Dalwadi and Chris Jeffrey presented a webinar entitled “Fraud Stories from the Field: The Audit Committee and Board’s Role” on July 23, 2012. Over 300 attendees, including CFO’s, Controllers and Audit Committee members, participated in the webinar which discussed ways to increase awareness of potential fraud within higher education and not-for-profit organizations. Through real cases and interactive activities, the audience tested its “fraud knowledge” and learned why fraud occurs in higher education institutions and not-for-profit organizations.
“The typical organization loses 5% of its annual revenue to fraud. Applied to the estimated 2011 Gross World Product, global organizations lose more than $3.5 trillion to fraud,” Chris Jeffrey, Baker Tilly Director, stated. “More than 20% of frauds involved losses of greater than $1M.”*
Dalwadi added, “I’ve been to several Board and Audit meetings where members are asked about fraud at their institutions and how prevalent it is. Often, they do not have the framework to help provide the most informed responses. Our goal is to arm the Board and Audit Committee members with information to help them respond to these tough questions.”
Dalwadi is a Director at Baker Tilly and leads the firm’s higher education and not-for-profit practices. Jeffrey is also a Director at Baker Tilly and has more than 13 years experience in fraud prevention and detection. View the webinar >
About Baker Tilly Virchow Krause, LLP (bakertilly.com)
Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,700 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 countries, with 30,000 professionals. The combined worldwide revenue of independent member firms is $3.2 billion.
*Association of Certified Fraud Examiners 2012 Report to the Nations on Occupational Fraud and Abuse
**According to the 2012 Accounting Today “Top 100 Firms.”