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Business Bits with Jim Farrell

Employee Theft - Detecting and Preventing

In this episode, Jim discusses the huge Impact of Employee Theft. Did you know the average cost of an employee theft scheme is $159,000, and that US Business lose 5% of their annual revenue to fraud? Listen as Jim and Stephen Reed discuss the huge burden employee theft puts on a business and the role of the outside CPA Firm in preventing and discovering employee theft schemes.

Stephen Reed is the managing partner of the CPA firm of Cowan, Gunteski & Co. Shrewsbury Office. CPA firms have an obligation to help their clients not only detect employee theft, but to educate business executives on how to prevent employee theft. Employees will use various employee theft methods and have some common reasons to engage in employee theft, some of which makes employee theft detection very difficult. Stephen will educate us on employee theft methods, industry standards to prevent employee theft, and the importance of informing your outside CPA on any data or suspicions of employee theft.