One of the most effective ways to prevent fraud is implementation of strong internal controls including an effective segregation of duties. Internal controls as related to fraud are the measures, policies, and procedures a company puts in place to safeguard assets and ensure the reliability of accounting data. Many businesses will contend that there are sufficient internal controls in place to deter, or even eliminate, fraudulent actions. But, as experience has shown, last year’s internal controls may no longer be effective as when they were developed. Businesses change, and as they do, additional employees are hired for old and newly created positions. Regular “check-ups” for your business are effective management tools to use in establishing or modifying internal controls.
At KatzAbosch we know how important it is to be on the cutting edge of our industry and yours. We study and evaluate internal procedures to help reduce risk of error or fraud, increase efficiency and pass the value on to our accounting and audit consultation clients.
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