Prevention and dissuasion are evidenced based practice that a business can utilize when it comes to fraud protection.
First line of defense against employee and/or vendor theft and pilfering are appropriately formulated and implement internal controls.
8CorePlus can help your business identify, implement, and maintain practical line of checks at each level to ensure that every transaction is appropriate, authorized, recorded, documented, and reflected in statements and reports.
The biggest drawback that any businesses are prone to is focusing solely on theft, after it has happened. Such approve can undermine businesses controls, financial policies, and accounting procedures due to acts of an employee/vendors resulting in loss or negative imbalance.
The strategies utilized by professionals at 8CorePlus are as follows:
- Delegation of responsibilities in a cost effective manner keeping the parameters of a business.
- Customized plans designed with practicality for internal controls with focus on resources and business structure.
- Prevention based on steps put-in-place to catch fraud – unauthorized activities.
- Detection – as early as possible with procedures implemented prior to such activities.
- Discuss, review, and incorporate policies on crimes, dishonesty, and fraudulent activities.