White Paper

6 Pages
  • 6 Pages

Internal Controls, Segregation of Duties and Fraud


Learn why intentional financial statement fraud may be hard to prove.

There is a link between good internal controls and the prevention of fraud. It will not prevent all fraud from occurring but will serve to deter fraud and will likely lessen the loss and the length of the fraud. According to the Association of Certified Fraud Examiners’ 2018 Report to the Nations, internal control weaknesses were directly responsible for half the fraud cases. Of the 2,700 fraud cases studied, the organizations typically believed they had controls in place. We all think it will not happen to us. But that attitude actually makes you more at risk of becoming a fraud victim. This white paper reviews the importance of having internal controls and discusses how fraud is caught.



Karen McMurray, CPA, CFE, CICA, CGMA

Karen McMurray, CPA, CFE, CICA, CGMA

Blackburn, Childers & Steagall, PLC

  • Retired partner in the office of Blackburn, Childers & Steagall, PLC
  • Practice emphasizes all aspects of audit, particularly governmental and not-for-profit, also a certified fraud examiner
  • The firm conducts an annual accounting, auditing and tax update in which she has been a regular speaker; she has also been a previous presenter for Lorman
  • Membership information: CPA, certified fraud examiner (CFE), certified internal controls auditor (CICA), and a CGMA
  • B.S. degree, East Tennessee State University
  • Can be contacted at 423-282-4511 or [email protected]

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