Canton professor published in national trade magazine
CANTON -- A SUNY Canton assistant professor has co-authored an article for a national auditing trade publication as part of her doctoral program.
Ran Li who teaches accounting and auditing, notes that occupational fraud is on the rise, and internal auditors hold responsibility to work with the organization's governance to curb white-collar crime. The article is published in the May/June edition of "Internal Auditing."Based on ten years of data collected from the Association of Certified Fraud Examiners' "Report to the Nations," the article analyzes and summarizes the occupational fraud trends and implications. The authors point out that the overall occupational fraud trend is alarming and total fraud losses have more than doubled since 2010.
"Internal auditors should remain diligent and current on emerging trends and implement strategies to counteract fraud cases at all levels," Li said. "Internal auditors should help promote a culture of fraud awareness and ensure training of management and employees on the types of financial crime."
The major types of occupational fraud include corruption, asset misappropriation and fraudulent statements. In 2018, the median loss for financial fraud statement cases was approximately $800,000, compared to $250,000 for corruption cases and $114,000 for asset misappropriation cases. Overall, less than 60% of fraud cases were ever referred to law enforcement.
Some mitigation strategies include management reviews, proactive monitoring and surprise audits.
Li has more than 15 years of professional experience in accounting, taxes and auditing. She's worked for global corporations and helps orchestrate the Volunteer Income Tax Assistance program at SUNY Canton.