Business Fraud Prevention provides free or low fee internal control program setup. If your organization pays a shared fee for the internal control program set-up, (or an internal control audit) that fee does not include the internal control program which is provided to you for free by our sponsor Vitalics.
Unfortunately, even setting up an internal control program and customizing it to fit the small organization is still out of reach for many companies. The average cost for an internal control setup and customization is between $1,050 and $1,850 depending on the size of the business.
Statistics from the ACFE’s Report to the Nations show that smaller organizations suffer and average fraud loss of $150,000 per fraud occurrence. Statistics also show that organizations who use internal controls reduce their fraud risks by 50%.
The average length of a time it takes to customize an internal control program depends on the size of the organization, how many accounts they have, and how many employees they have. It will generally take between 6 and 8 hours.
Business Fraud Prevention provides internal control setup services for any small business or small nonprofit through a grant based shared cost as well as 100% covered. The 2023 updated grant award structure is listed below and is based on the organizations annual gross revenue. Our free and reduced cost fee structure is possible thanks to our sponsors, grants and donations. Any fees received for these services are used towards our mission of fraud prevention services and fraud prevention training.
Our internal control experts will meet with the owner or manager to interview and review a Fraud Risk Assessment. Upon completion of the assessment, the internal control expert will set-up the Vitalics – Small Business Internal Control Program. Once the program is tailored to your organization, BFP will train your organization on how to effectively use it. The setup procedure will cover the following based upon total work completed.
As of January 01, 2023 we have updated our grant based services structure. We are currently serving the Colorado and Wyoming area. Some of our reviews can be completed virtually.
Depending on the annual gross revenue for your organization, your reduced fee cost average is listed below for reference. Until we consult with you, we will not be able to determine where your reduced cost or free internal control program setup will be valuated at.
|Annual Business Gross Income||Industry Rate||Grant||Reduced Cost|
|Up to $499,000||$1,050.00||100%||$0.00|
|$500,000 to $749,000||$1,250.00||90%||$125.00|
|$750,000 to $999,000||$1,450.00||85%||$217.50|
|$1,000,000 to $1,499,000||$1,650.00||80%||$330.00|
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