5 Tips Needed to Hunt for Diamonds or Fraud

Over the Thanksgiving break, I took my two daughters camping and hunting for diamonds at Arkansas’ Crater of Diamonds State Park. After a six and a half hour drive, we arrived with plenty of time to set up our tent before nightfall. We cooked our dinner over the campfire and roasted marshmallows for s’mores. It was cold the first night—a few degrees below freezing—but we had plenty of blankets to keep warm. The next morning was cold, but the fire helped us stay warm while we cooked real bacon (as opposed to the turkey bacon we have at home), fried eggs, and toast. This meal fueled our bodies for a fun-filled day.

We started out by making sure we were dressed properly with enough clothes to stay warm and rubber boots to tromp through the mud. We also made sure we had our tools: shovels (large and small), dirt rake, buckets, and gloves. Once in the park, we watched a couple of videos that described the diamond hunting process and gave us an understanding of what a rough diamond looks like. We rented sifters to help separate the dirt from the rocks and the diamonds we hoped to find.

Finally, we were off to find our treasure hidden in the almost 40 acre park. As we searched, we picked up hundreds, maybe thousands, of rocks and various minerals. Some we tucked away in a small paper bag and some we dropped back on the ground. We searched for hours, taking only a short break to eat lunch. We then brought our bags to a park employee who sorted through the various minerals and taught us all about our small treasures. We found calcite, barite, hydroxyapatite, volcanic tuff, jasper, and quartz. No diamonds. But, we cherished our finds and looked forward to searching again the next day.

That night, the temperature stayed above freezing. We rested well after filling our bellies with ramen noodles, which I hadn’t eaten since college and my children had never tried. They loved them, and I enjoyed the nostalgia.

No diamonds on day two either, but we found more beautiful minerals to add to our collection. Searching for fraud in accounting is similar to hunting for diamonds. The following are five tips to help you on your next fraud hunting adventure:

1. Gather the necessary tools and learn how to use them. Tools are an important part of any hunting adventure. When hunting for fraud, you may need various software applications, but most importantly, you will need to learn techniques to use these tools effectively.
2. Know what you are looking for. Fraud can be hard to see, just like diamonds. There is a lot of area to cover because fraud can be hidden almost anywhere within an organization and because fraud is buried among legitimate transactions, all of which you’ll have to examine in your search.
3. Collaborate with others. Some fraud schemes can be complex, while other fraudulent transactions can appear to be ordinary or just simple errors. There is always someone willing to help who knows how to help navigate these murky waters. Don’t be afraid to ask for help.
4. Keep your eyes open for other jewels. During your search for fraud, you may notice other areas where your organization can become more profitable through enhanced process efficiencies or cost savings that could be captured through a variety of techniques.
5. Never give up. Even if you don’t find fraud during your search, you should continue to make fraud fighting a top priority. Fraud will always be a risk to your organization.

Our trip to Arkansas was an amazing trip, even if we didn’t find any diamonds. We found plenty of other minerals, learned lots, and made many great memories. I hope to return in a few years, because with a bit of luck and a lot of diligence, we may find a diamond next time!

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