For business owners, occupational fraud can be one of the most dangerous threats to a company’s success. According to the Association of Certified Fraud Examiners, the median loss in a business fraud case is about $130,000, and this number is even higher for small businesses. However, don’t let the statistics scare you. Using the following preventive and detective internal controls, any business owner can take action to keep fraud at bay.
With the fiscal year end around the corner, what comes next? The annual audit, of course! With the stress of year-end closing weighing on your mind, the last thing you may want to think about is the challenge of going through an audit. This process tends to make everyone uneasy and can undoubtedly lead to extra work, but it doesn’t need to be an experience to dread.
Most business owners have heard of benefit plan audits, but many are unsure what these audits entail or even whether their company is required to have one. While the regulations surrounding benefit plans and related audits are complex, it is a relatively straightforward matter to determine your responsibilities under the law. Here’s what you need to know, in a nutshell.
You decided you need to have an audit done, but now you are dreading the process completely. Below are six ideas on how to control the audit process to ensure completion of your goals and deliverables within the expected time frame.