sdccpas

The Growing Trend of Women Working in the Accounting Industry

An Aurora, Illinois-based business, SDC CPAs is an established provider of global investigation and forensic accounting services. It was founded to service crime insurance claim adjusters and attorneys dealing with financial institutions as well as commercial, non-profit, and governmental entities, on fidelity, crime, faithful performance, and commercial surety claims. In operation since 2001, SDC CPAs is a member of the Women’s Business Enterprise National Counsel (WBENC) and a certified women-owned firm working within the accounting industry.

It wasn’t until 1910 that the first women entered the accounting field, a milestone that paved the way for an increasing number of women to advance in the financial sector. At present, 60 percent of professionals working within the accounting field are women, although most of them work in entry to mid-level roles and less than 20 percent hold C-suite positions. However, it is projected that an increasing number of women will enter C-suite roles as the use of cloud-based technology and flexible workplace arrangements are implemented.

According to the American Institute of Certified Public Accountants’ CPA Firm Gender Survey conducted in 2015, women only hold 24 percent of partnership positions at CPA firms. However, the trend for women to move into partnership positions is steadily increasing, as 19 percent of women worked in these roles in 2013.

Insider Banking Fraud Costs Banks and Insurers Millions

Founded in 2001, SDC CPAs provides fraud investigation and forensic accounting services to companies in the United States. Recently, SDC CPAs was hired by an insurance company to investigate a claim for fictitious loans submitted by a bank that had suffered losses as a result of embezzlement by insiders.

The financial industry is one of the most regulated industries in the country. However, this does not prevent criminal actors from committing fraud to the detriment of financial companies. Often, the fraudulent actors work in the bank. In fact, according to the Federal Deposit Insurance Corporation, half of all bank fraud is perpetrated by insiders. They affect the big banks just as much as the small, with 23 percent of cases involving $1 million or more in losses.

According to a 2016 Association of Certified Fraud Examiners report, 75 percent of insider bank fraud is committed by people working in accounting, sales, upper management, operations, purchasing and finance, and customer service. Tactics used by fraudsters include skimming funds from less active or inactive accounts such as those of the elderly, reversing insufficient fund fees and crediting the charges to their personal accounts, and stealing customer information and opening credit accounts with it.

Such fraudulent activities damage the credibility of banks and lead to substantial losses, which some banks forward to insurers through claims. To prevent such outcomes, banks and insurers should work with fraud-prevention experts to tighten their internal checks and balances.

Cyber Security Tips for Employees Working Remotely and Their Employers

Founded in 2001, SDC CPAs is a company that meets the need for investigation and forensic accounting by claim adjusters and attorneys. Headquartered in Aurora, Illinois, SDC CPAs also works with companies to implement safeguards against hackers and improve their cyber security.

More employees are working remotely today. This presents an opportunity for cyber criminals to perpetuate theft of crucial company information. Thankfully, there are measures that employees and employers can take to reduce their risk of falling victim to hacks.

For employees working remotely, caution should be their guiding light. They should keep their devices up to date with the latest anti-virus and anti-malware protections, use private internet connections as much as possible, and set up multi-factor authentications on all their accounts. They should only conduct company business using their company emails and company-provided laptops. Employees should also exercise caution when it comes to “urgent” emails. Hackers often send employees emails, using addresses that look like their bosses’, asking them to urgently send money or download a file that may be malware. If an employee receives such an email, he or she should contact the employer for authentication.

For employers whose staff work remotely, cyber security involves educating their employees in sound internet safety practices. For example, they should remind their employees to keep confidential information guarded, and if any of it is printed, it should be shredded after use. They should make available company laptops for work on company projects and instruct employees to report any equipment loss or theft immediately. Last, they should give employees their emergency contact information in case there is a need for urgent reporting.

Americans Enter New Decade Financially Confident

SDC CPAs in an Aurora, Illinois-based forensic accounting firm that specializes in working with insurance companies in the areas of crime, surety claims, and employee misconduct. Committed to ongoing professional development, members of SDC CPAs are members of the American Institute of Certified Public Accountants (AICPA).

According to the most recent figures from AICPA’s Personal Financial Satisfaction index (PFSi), Americans are entering the new decade feeling significantly more satisfied with their financial condition than they were entering the previous decade. The PFSi is a barometer of that satisfaction, and is calculated quarterly. It is the product of financial pain ratings subtracted from financial pleasure ratings, which are based on the availability of financial opportunities, assets, and other factors.

In the fourth quarter of 2019, the rating hit an all-time high of 40.2. It’s the second time in 2019 that the PFSi hit an all-time high, and ending the year on that note shows heightened confidence heading into 2020. Conversely, in the fourth quarter of 2009, the PFSi was actually -29.6, representing a major lack of confidence by the average American in their own financial position.