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Prevent Dealership Fraud with Continuous Monitoring
June 10, 2011 | No Comments | share on facebook | retweet | share on LinkedIn
by Auto Dealer Monthly
The 2010 Association of Certified Fraud Examiners (ACFE) Report to the Nations noted that the median length of time to discover fraud is 18 months. During that time, respondents of the survey estimated an average loss of five percent of their annual revenue. External auditing was the control used by most of those surveyed; however, it was determined that external audits weren’t overly effective at detecting fraud (less than five percent of the schemes were uncovered by the external audit) or at limiting the losses of fraud.
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