The way to mitigate your fraud risk is to put in a robust series of internal controls designed to protect your assets and the integrity of your financial reports. We design these internal controls to follow industry best practices and ensure that fraudulent activity such as misappropriation of assets will be difficult to achieve.
We start with obtaining an understanding of the unique financial risk profile of your business. For example, if employees are handling a lot of cash, that business has a different risk profile than a business which only receives electronic payments.
Weak procedures can be changed in order to reduce risk of fraud in those risk areas.
We will conduct a risk assessment of the controls that are currently in place. This assessment will determine where there are weaknesses in the business procedures that could be exploited for fraud.
We will create recommendations for how those weak procedures can be changed in order to reduce risk of fraud in those risk areas.
Finally, once there is consensus on the changes that are required. We will implement those recommendations, document them, and help train your team on the new processes.
There isn’t a way to guarantee fraud will never occur, however, we will put checks in place to prevent the opportunities to commit fraud from being available in the first place. We will also implement proper oversight on an on-going basis. This will provide considerable reassurance that all the practical steps to preventing fraud have been taken.
This is dependent upon the sophistication of the fraud that has transpired and how complex the operations are of the organization. If you believe fraud has occurred within your organization, you may need a forensic accountant to conduct a financial investigation to uncover this. While we do not provide this service ourselves, we are happy to provide a referral.
We offer a range of financial services to small and medium-sized businesses and professionals. These are our primary service offerings; however, every business is unique, and we will work with you to come up with a customized service plan for your situation.
Our revitalization process will take you from messy, unreliable records to an accounting system that generates consistent, high-quality, useful information.
Our international public company reporting system will streamline your regulatory reporting and manage the internal financial systems.
Our internal control evaluations will identify and repair critical weaknesses in your accounting system that could allow for fraud to occur.
Focusing on systems and processes, we will take the accounting system out of your accountant’s head and document the required tasks and steps for each process.
