How to fight fraud with internal control system

[Augusta]

There's always need to fight away fraud from your business. Not doing this can see you losing huge amount of money to fraudulent staff in your business. One of the ways you can adopt is applying Internal controls. These are programs implemented to safeguard the company’s resources in a bid deter and detect fraud easily.you can achieve this doing the following

Adopt segregation of duties to reduce the risk of fraud from happening. This is about giving a specific job to an individual and they work independently so no conniving and it help reveal any discrepancies in the account books.

Another internal control is use of proper documentation to help reduce fraud. With documented records there will be ease of verification for all business transactions,

 

[Yusra3]

Robust internal control mechanisms should be put in place, to ensure timely detection and prevention of fraud within an organization. Critical steps are to separate roles, mandate authorizations for transactions over specific money, conduct periodic audits and reconciliations, and create a good practice ethics of accountability. Access restrictions, data monitoring, and whistleblower laws are some of the measures to protect against such illegal actions. Developing and enforcing such internal controls system from top to bottom will provide a fraud-resistant environment and strengthen assets as well as standing of the business..