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RONALD
MARK
SEMARIA,
CFE,
DABFE, FACFEI,CSC, CHS-III |
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www.DRFRAUD.com
www.IRSAUDIT.com www.SEMARIA.com |
BUS:
718-531-1105 |
OUTSIDE NYS |
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1408 EAST 66 STREET BROOKLYN, NY 11234 |
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| Company Info | Services | Affiliations | Awards | Press Release | Links |
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If you’re like most small businesses, your biggest security mistake is planning for threats only from the outside (customers, clients, vendors, etc.) —not from those near and dear to you (EMPLOYEES). Fraud is five times more likely to be committed by employees than nonemployees. HERE IS WHAT YOU CAN DO TO HELP LIMIT EMPLOYEE FRAUD IMPROVE BACKGROUND CHECKS —Talk to references given to you by prospective employees. Employ integrity testing (ie: drug tests, credit reports, DMV checks). There is a national database of workers fired for dishonesty (cost $4.00 per name check. Call 800-860-0343)FOLLOW THE MONEY - Tighten access to cash flow. Most frauds are carried out by employees in accounting and finance roles. Keep closer track on inventory and any close relationships between employees and suppliers. Randomly review records for inconsistencies.DIVIDE FINANCIALLY RELATED TASKS - For example, the worker who opens mail should not reconcile accounts. Have two people check incoming inventory.LIMIT THE NUMBER OF APPROVED CHECK SIGNERS and rotate those who handle checks or inventory. Have multilayered password access to company computers and change passwords often. Turn on the audit trail function in your accounting software to track who’s been using the system.REMIND STAFF OF ANTI FRAUD POLICY OFTEN - Make your strong anti-fraud policy clear in interviews, orientation, and annual reviews. Set up a reward system for reporting in-house theft.UTILIZE POSITIVE PAY check writing system to prevent use of fraudulent checks.INVESTIGATE AND PROSECUTE - ONCE OTHER EMPLOYEES SEE THAT YOU MEAN BUSINESS, YOU WILL HAVE A BUSINESS BECAUSE YOU WILL BE LIMITING THE IN HOUSE FRAUDULENT THEFT.
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The following articles are for
informational purposes only, and your should always consult with your tax
advisor to determine the tax implications for your particular financial situation.
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