T

he Thief in Your Company: Protect Your Organization from the Financial and Emotional Impacts of Insider Fraud

Author: Tiffany Couch CPA/CFF, CFE

4 sentence summary:

The Thief in Your Company explores all-things fraud through the stories of real-life cases that Tiffany has investigated. And I really mean “all-things” – from the touchy-feely to the cold, hard facts.  So, when you close this book, not only will you know common types of frauds and which internal controls will prevent them, but you will also have a clear understanding of a fraudster’s psychology as well as the emotional toll fraud takes on innocent bystanders. Tiffany also covers what to do if you suspect fraud at your organization and what you can expect in a fraud investigation.

Who is this book for:

If you are responsible for raising, spending, or accounting for a single penny at work, then this book is for you. From staff who accept payments or donations to bookkeepers who track funds to Executive Directors and Board members who have legal responsibility, this is a must read to protect yourself and your organization. 

My top takeaways from the book:

• • • • Fraudsters are frequently well-liked and highly trusted, and they use their status to commit fraud.
      • “Trust” is not a protection against fraud. But there are a few simple, effective internal controls that are proven to prevent fraud (or at the very least catch it quickly).
      • The vast majority of frauds are uncovered through a colleague’s tip (aka a whistleblower). So it is essential to build a culture of trust and have systems in place so staff feel safe to report red flags.
      • Audits are not designed to catch fraud. Let me repeat that (with claps between each word): Audits. Are Not. Designed. To Catch. Fraud. (read chapter 6 if you want to know why). 
      • We are not tax or legal experts – and don’t provide counsel in these areas. But Tiffany is. So if you are reading this because you suspect fraud at your own organization, then check out Chapter 14 for the 10 steps you need to take moving forward (beginning with “take a deep breath”).

If you liked this book, check out:

• • • • Our upcoming Book Club exclusively for Executive Directors, where you can read and discuss even more great books like this one!
      • These other great Successful Nonprofits® Resources
        • • Podcast: It’s Almost Always Someone You Trust with Tiffany Couch 
          • Podcast: Big Accounting Mistakes and their Simple Solutions with Germeen Guillaume
          • Podcast: How to Prevent a Data Breach at Your Nonprofit with Spencer Pollock
          • Blog: Is your nonprofit exposed without EPL insurance?
          • Blog: Is Your Nonprofit Ready for a Windfall?

• • • • These great external resources
        • • Tiffany’s Website
          • Myth: Audits Uncover Fraud
          • Association of Certified Fraud Examiners