There are some basic controls that all businesses should implement to prevent and/or detect fraud. This post will highlight some services we can provide to further improve your anti-fraud controls.

  • Fraud risk assessment consulting
  • Evaluation of internal controls
  • Testing Internal Controls

Fraud Risk Assessment Consulting

Nobody knows your business as well as you do, however it can be very beneficial to have a different point of view from time to time. This is especially true if your business has experienced significant growth in recent years. We could participate in fraud risk assessment meetings with you, other members of your management team, and/or your staff. The objective of this service is to assist you in identifying your fraud risks. These services are scalable depending on the size, structure, and needs of your business.

Evaluation of Internal Controls

Internal controls are the processes and procedures you use to carryout financial transactions and safeguard company assets. All businesses have some form of internal controls implemented, however they may not be accomplishing their intended goals. An evaluation of your internal controls would consist of identifying your key controls or lack thereof and completely walking through the processes and procedures involved to determine if they are properly designed and being implemented by your staff. The objective of this type of engagement would be to evaluate how you are processing significant transactions classes and recommend changes based the resources you have available and industry best practices.

Testing Internal Controls

One key component of an internal control system is monitoring. Many businesses have properly designed controls, but have no idea if or how well their controls are being implemented. Depending on your business’ resources your management team may not have the time to monitor the details of all controls. We would work with management to identify the controls that need to be monitored and design a method of testing them. This a very scalable service because we will only test the controls you request. This type of engagement can even be done at various times during the year. By having us perform this testing throughout the year you get better coverage in monitoring your controls, are able to monitor your controls in a more timely manner, and are able to spread the cost of our services throughout the year.