General Manager Assistance

Fraud Prevention

GBGROUP March 14, 2023 9 5

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Welcome to the latest podcast episode of “HOA: It’s A True Story,” where we discuss Fraud Prevention. In this episode, Regan Brown of The G.B. Group, Inc., sits down with our guests Vishnu Sharma, CPA & CFE with Sharma and Associates, and Kelly Zibell, Owner of the DC Group. Vishnu Sharma shares his insights on the challenges faced by the board regarding necessary maintenance, testing, and inspections, and how segregation of duty within each department is the number one fraud prevention tool.

We also explore the concern around fraud in associations when managers wear multiple hats and how disclosure can eliminate this concern. Vishnu highlights the importance of being transparent with homeowners in 2023, as there’s a heightened level of scrutiny from owners to ask questions, especially around budgeted expenses. Any lack of separation of duties and internal controls could be a potential area for fraud in an association. Hence, the first step is to get the general ledger detail document and then ask management what’s going on.

Moreover, we delve into what qualifies as evidential and what to look for in an auditor review from a CPA versus a certified fraud examiner. We also discuss the next steps to take if a piece of evidence needs further investigation.

Stay Connected:

As always, thank you for listening to HOA: It’s A True Story Podcast. For more episodes, visit our website or Buzzsprout. If you have any questions or topic requests for future episodes, please reach out to us at Don’t forget to subscribe, and leave a rating and review, so that more people can discover our show!

“The only way you’re going to be able to identify anything is by looking.”

Blogs & Resources:

  • Preventing Fraud and Embezzlement in Your HOA – CAI | Link
  • Tips to Help Avoid Fraud Attempt – CAI | Link
  • Segregation of Duties in Accounting – Investopedia | Link
Welcome to the latest episode of "HOA: It's A True Story Podcast," where we discuss Fraud Prevention with Kelly Zibell and Vishnu Sharma.

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