How Businesses Can Take Control of the Opportunities That Drive Employees to Commit Fraud

Accounting and Small Business /Beverly Shares

Recommended read for all small businesses.  You may be missing the most important anti-fraud steps for your business, thus placing you at great risk.  It is definitely easier to prevent a fraud than it is to clean up and recover from a fraud.  Risk management includes more than just the routine internal controls.

Excerpt:  Companies should start with an enterprise-wide risk assessment. Start with a control review. While the company may have wonderful controls in place, it may not be controlling its biggest, most common, or most obvious risks, or those unique to its business and/or industry. In performing a risk assessment, there is a need for a common language or nomenclature, a process to identify and rate the risks, and the ability to determine mitigation strategies for the company’s chosen level of risk (risk profile). Management will want to invest the time necessary ……

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