Accounting professionals discussed strategies for identifying fraudulent use of federal funds during a panel at the American Institute of Certified Public Accountants’ Governmental and Not-for-Profit Industry Conference in Dallas. Jacqueline Matthew of Houldsworth, Russo & Co. defined audit fraud as intentional acts causing material noncompliance or misappropriation. Troy Rector of Clark Nuber highlighted the Feeding Our Future case, where a $250 million scheme resulted in a 41-year prison sentence. Auditors are advised to assess risk for each major program individually and monitor for rapid expansion or budget pressures. The panel also noted that funder oversight and staff turnover can help teams detect potential compliance issues.
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