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 >
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Baker Tilly Virchow Krause, LLP (Baker Tilly) is a leading advisory, tax and assurance firm whose specialized professionals guide clients through an ever-changing business world, helping them win now and anticipate tomorrow. Headquartered in Chicago, Baker Tilly, and its affiliated entities, have operations in North America, South America, Europe, Asia and Australia. Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals. The combined worldwide revenue of independent member firms is $3.4 billion. Visit bakertilly.com or join the conversation on LinkedIn, Facebook and Twitter.
*Association of Certified Fraud Examiners 2012 Report to the Nations on Occupational Fraud and Abuse
**According to the 2012 Accounting Today “Top 100 Firms.”