Between 1940 and 1975, the minimum wage for exempt employees was raised every five to ten years. In 1975, the minimum salary for exempt employees was set at $8,060 and $8,840 per year, depending on job duties. Roughly 30 years later, in 2004, the Department of Labor (DOL) updated the minimum salary for exempt employees to $23,660 per year. Now, the DOL is proposing an increase to $50,440 per year.
In general, an employee is considered exempt if all of the following apply.
The task of preventing and detecting fraud has grown from exposure within the organization to dozens of emerging fraud threats that pop up every day due to cybercrimes. Fraud can be defined as an intentional act or omission designed to deceive others, resulting in the victim suffering a loss and/or the perpetrator achieving a gain. Based on recent surveys, there has been an increase in the number of organizations that are uncovering and reporting occurrences of fraud.