In my last two blog installments, we reviewed how fraud and theft can impact smaller companies. This week we will focus on payroll controls.
Many of the same exposures inherent to paying vendors exist in payroll but they are often not segregated. Concerns about confidentiality often lead to a concentration of payroll duties. … Read more >
In my last installment, we reviewed how fraud and theft can impact smaller companies. This week we will focus on vendor payments, company credit cards and expense reports.
In the bill payment process, companies are vulnerable on multiple fronts:
- Purchasing or ordering should be segregated from approval of the charge. Larger companies use purchase orders to achieve this function but simply having a senior person, other than the buyer, sign off on the invoice will improve the function.
… Read more >
The topic of fraud has popped up on my radar a few times recently. I attended a conference by Stephen Mann of Ossege, Combs & Mann, LLC on Financial Fraud and Internal Controls, and the CGMA recently published an article by Jeffrey Drew summarizing the “Report to the Nations on Occupational Fraud and Abuse” which was issued by the Association of Certified Fraud Examiners. … Read more >
There is quite a bit of political posturing going on in Ohio concerning the April drop in unemployment to 5.7%. But the reality is that in one year, Ohio unemployment has dropped from 7.5% to 5.7%. Yes, too much of the gain has come from those leaving the workforce and too many people are unemployed but still counted as employed. … Read more >