₦airaland Forum

Businesstools:
1. Ensure that no individual is responsible for processing a transaction from start to finish. E.g. The person who authorizes the issue of inventory should not be the storekeeper.

2. Restrict access to your company’s physical and financial assets, including financial records to authorized persons only.

3. Verify your assets (inventory, cash, equipments, etc) regularly to ensure that what is recorded in the books is actually on ground.

4. Before hiring, do a pre-employment background check on all prospective employees. Call their former employers and ask questions about their character and why they left.

5. Develop and implement policies to determine how financial transactions are initiated, authorized and reviewed.

6. Invite external auditors to review your business accounts, transactions, and procedures, at least once in a year.

7. Encourage your employees to report any incident of theft or fraud directly to you, and promise to reward them if they do.

8. Do not take any case of fraud lightly. Investigate properly and discipline defaulters to pass a message that you have zero tolerance for fraud.

9. Do not allow employees to visit the business premises after working hours. If you can afford it, install CCTV cameras in all high risk areas.

10. Fraud perpetrators usually display behavioral traits that can indicate intention to commit fraud. Observing your employees closely can help you identify potential fraud risk.

11. If you notice unexplained drop in sales, rotate the attendant. If sales improve, it could be a sign that fraud has been ongoing. Carry-out a thorough investigation.

12. An increase in sales when a key employee proceeds on leave could be a sign of fraud. For this reason, beware of any staff who doesn’t like going on vacation.

13. Monitor employees who appear to live beyond their income. Also, those into gambling & drugs. These are extravagant lifestyles & you can’t afford to be funding them.

14. Some employees use their employers’ business for their own personal business. For instance, they bring in their own stock, similar to their employers’ to sell. Watch out!

15. Report loss/ theft of your check books/ debit cards immediately. This will enable the bank block payments or other transactions on the missing card/ check numbers.

16. Respect and treat your employees well. If you do, only a person without conscience will steal from you or conceive evil against you or your business.

17. Set up an anonymous way for your employees to alert you of any concerns related to potential fraud within your company. Take these alerts seriously.

18. Avoid using multiple bank accounts for your business. It makes it difficult for you to detect inappropriate movement of funds.

19. When your accountant insists on handling tasks that other departments or individual is responsible for e.g. purchasing, it could be a sign of fraud.

20. If your accountant continually misplace or misfile important documents, e.g. payroll records, deposit records, receipts etc., it could be an indication of fraud.

21. If deposits are frequently lower than expected. You should compare sales receipts with amounts deposited into the bank account and query any differences.

22. Be on alert if your accountant continuously looks for excuses why not to follow the company’s established accounting or administrative procedures.

Businesstools:
1. Ensure that no individual is responsible for processing a transaction from start to finish. E.g. The person who authorizes the issue of inventory should not be the storekeeper.

2. Restrict access to your company’s physical and financial assets, including financial records to authorized persons only.

3. Verify your assets (inventory, cash, equipments, etc) regularly to ensure that what is recorded in the books is actually on ground.

4. Before hiring, do a pre-employment background check on all prospective employees. Call their former employers and ask questions about their character and why they left.

5. Develop and implement policies to determine how financial transactions are initiated, authorized and reviewed.

6. Invite external auditors to review your business accounts, transactions, and procedures, at least once in a year.

7. Encourage your employees to report any incident of theft or fraud directly to you, and promise to reward them if they do.

8. Do not take any case of fraud lightly. Investigate properly and discipline defaulters to pass a message that you have zero tolerance for fraud.

9. Do not allow employees to visit the business premises after working hours. If you can afford it, install CCTV cameras in all high risk areas.

10. Fraud perpetrators usually display behavioral traits that can indicate intention to commit fraud. Observing your employees closely can help you identify potential fraud risk.

11. If you notice unexplained drop in sales, rotate the attendant. If sales improve, it could be a sign that fraud has been ongoing. Carry-out a thorough investigation.

12. An increase in sales when a key employee proceeds on leave could be a sign of fraud. For this reason, beware of any staff who doesn’t like going on vacation.

13. Monitor employees who appear to live beyond their income. Also, those into gambling & drugs. These are extravagant lifestyles & you can’t afford to be funding them.

14. Some employees use their employers’ business for their own personal business. For instance, they bring in their own stock, similar to their employers’ to sell. Watch out!

15. Report loss/ theft of your check books/ debit cards immediately. This will enable the bank block payments or other transactions on the missing card/ check numbers.

16. Respect and treat your employees well. If you do, only a person without conscience will steal from you or conceive evil against you or your business.

17. Set up an anonymous way for your employees to alert you of any concerns related to potential fraud within your company. Take these alerts seriously.

18. Avoid using multiple bank accounts for your business. It makes it difficult for you to detect inappropriate movement of funds.

19. When your accountant insists on handling tasks that other departments or individual is responsible for e.g. purchasing, it could be a sign of fraud.

20. If your accountant continually misplace or misfile important documents, e.g. payroll records, deposit records, receipts etc., it could be an indication of fraud.

21. If deposits are frequently lower than expected. You should compare sales receipts with amounts deposited into the bank account and query any differences.

22. Be on alert if your accountant continuously looks for excuses why not to follow the company’s established accounting or administrative procedures.

Businesstools:
.

Eyekandi:
Hi,
I sent you a PM

Businesstools:
I've replied you.

Businesstools:
1. Ensure that no individual is responsible for processing a transaction from start to finish. E.g. The person who authorizes the issue of inventory should not be the storekeeper.

2. Restrict access to your company’s physical and financial assets, including financial records to authorized persons only.

3. Verify your assets (inventory, cash, equipments, etc) regularly to ensure that what is recorded in the books is actually on ground.

4. Before hiring, do a pre-employment background check on all prospective employees. Call their former employers and ask questions about their character and why they left.

5. Develop and implement policies to determine how financial transactions are initiated, authorized and reviewed.

6. Invite external auditors to review your business accounts, transactions, and procedures, at least once in a year.

7. Encourage your employees to report any incident of theft or fraud directly to you, and promise to reward them if they do.

8. Do not take any case of fraud lightly. Investigate properly and discipline defaulters to pass a message that you have zero tolerance for fraud.

9. Do not allow employees to visit the business premises after working hours. If you can afford it, install CCTV cameras in all high risk areas.

10. Fraud perpetrators usually display behavioral traits that can indicate intention to commit fraud. Observing your employees closely can help you identify potential fraud risk.

11. If you notice unexplained drop in sales, rotate the attendant. If sales improve, it could be a sign that fraud has been ongoing. Carry-out a thorough investigation.

12. An increase in sales when a key employee proceeds on leave could be a sign of fraud. For this reason, beware of any staff who doesn’t like going on vacation.

13. Monitor employees who appear to live beyond their income. Also, those into gambling & drugs. These are extravagant lifestyles & you can’t afford to be funding them.

14. Some employees use their employers’ business for their own personal business. For instance, they bring in their own stock, similar to their employers’ to sell. Watch out!

15. Report loss/ theft of your check books/ debit cards immediately. This will enable the bank block payments or other transactions on the missing card/ check numbers.

16. Respect and treat your employees well. If you do, only a person without conscience will steal from you or conceive evil against you or your business.

17. Set up an anonymous way for your employees to alert you of any concerns related to potential fraud within your company. Take these alerts seriously.

18. Avoid using multiple bank accounts for your business. It makes it difficult for you to detect inappropriate movement of funds.

19. When your accountant insists on handling tasks that other departments or individual is responsible for e.g. purchasing, it could be a sign of fraud.

20. If your accountant continually misplace or misfile important documents, e.g. payroll records, deposit records, receipts etc., it could be an indication of fraud.

21. If deposits are frequently lower than expected. You should compare sales receipts with amounts deposited into the bank account and query any differences.

22. Be on alert if your accountant continuously looks for excuses why not to follow the company’s established accounting or administrative procedures.