Mitigating Risk and Protecting Your Business From Fraud
Every business faces risk, but with an effective system of internal control measures in place, that risk is mitigated. This is not a task that is easily accomplished in-house, however, because as a business owner, your focus is running your business, managing employees, and turning a profit.
What we do for you:
- Recommend segregation of duties for implementation by dividing responsibilities so that no single person has control over all aspects of financial transactions.
- Make sure transactions are authorized through delegating approval authority to an individual only when the transactions are consistent with policy and funds are available.
- Ensure records are routinely reviewed and reconciled by someone other than the preparer or transactor.
- Ensure that equipment, inventories, cash, and other property are accounted for.
- Physically secure, periodically count, and compared with item descriptions shown on control records.
- Provide employees with appropriate training and guidance to carry out their job duties.
- Set up proper channels for reporting suspected improprieties.
- Document policies and procedures and make them accessible to employees.
- Review operations to determine whether the results are consistent with established objectives and goals and carried out as planned.
Don’t Let Employee Fraud Be the Downfall of Your Business
If you suspect employee fraud or are concerned about your business risk, then maybe it’s time to review and update your internal control systems.
Contact us today using the form below and find out how we can help your business mitigate risk.