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. As a business owner, your focus is running your business, managing employees, and turning a profit. 

Effective internal control systems that meet your business needs

As trained professionals, we have assisted many business owners in creating effective internal control systems to prevent employee fraud, ensure compliance with regulations, and make sure company policies and procedures are in place to make sure your business operations are effective and efficient. We work with your business to identify and document weaknesses with existing internal controls, then perform procedures to test whether current internal controls are effective. Finally, we offer recommendations in a report of findings that can be used to strengthen the internal control system currently in place that reflect the needs of a particular business.

What we do for you:

• Implement segregation of duties 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 and find out how we can help your business mitigate risk.