By Kevin P Foley & Matthew P O’Dell
CPAs Matthew O’Dell and Kevin Foley with COMD LLP discussed how to detect signs of duplicity and the controls for detection of fraud and embezzlement in nonprofit organizations. The partners emphasize the importance of active management, segregation of duties, background checks, and regular reviews of financial records. They stressed the need for checks and balances to prevent fraud and embezzlement, and provided guidance on selecting accounting firms and payroll services.
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