Have you ever hired an employee only to find out later on that he falsely represented himself and couldn't actually perform the job he applied for? Then you shortly discover that It can really be difficult to be on the receiving end of such deceptive acts since you can be left to suffer financially. Learn how to safeguard your business against the crooks and never let such uneventful cases stop you from letting your company flourish and reach greater heights.
If you see that your workers have overlapping duties, do your company a favor by fixing this. Come up with a set of clear-cut job responsibilities for each person and make certain that you or someone else is always present to see to it no one gets to do another person's job unless it's authorized. If not, unscrupulous employees may use this as a way to conduct their wrongdoings.
External audit plays a major role in the fraud-detection arena. It's for this reason that it is a must that you hire a reputable audit firm Singapore businesses trust. The duty of an audit firm primarily includes checking the client's internal procedures and annual financial records. As such, auditors have the first-hand knowledge and understanding of all goings on inside the company, including problems and any inconsistencies that you as the business owner may not easily detect from your own standpoint. They will recommend enhancements in the system to mend any gap and loophole in order to possible occurrence of any form of fraud.
Be involved and continue to be well-versed especially when money and huge, high-priced company assets are involved. Even when you already have an executive assigned to sign checks, withdraw and deposit cash on the company's behalf, there must always be someone else who will supervise these activities. This could be you if you're intent on protecting your organization from the perpetrators of selfish deeds.
As part of the hiring procedure, always conduct a character and background investigation on all job applicants. While doing this will indeed take a big portion of your time and company budget, what will ultimately matter is the peace of mind that this shall bring you. When you know that the people who'll work for you are truly reliable, the cost and effort will certainly pay off in the end.
If you see that your workers have overlapping duties, do your company a favor by fixing this. Come up with a set of clear-cut job responsibilities for each person and make certain that you or someone else is always present to see to it no one gets to do another person's job unless it's authorized. If not, unscrupulous employees may use this as a way to conduct their wrongdoings.
External audit plays a major role in the fraud-detection arena. It's for this reason that it is a must that you hire a reputable audit firm Singapore businesses trust. The duty of an audit firm primarily includes checking the client's internal procedures and annual financial records. As such, auditors have the first-hand knowledge and understanding of all goings on inside the company, including problems and any inconsistencies that you as the business owner may not easily detect from your own standpoint. They will recommend enhancements in the system to mend any gap and loophole in order to possible occurrence of any form of fraud.
Be involved and continue to be well-versed especially when money and huge, high-priced company assets are involved. Even when you already have an executive assigned to sign checks, withdraw and deposit cash on the company's behalf, there must always be someone else who will supervise these activities. This could be you if you're intent on protecting your organization from the perpetrators of selfish deeds.
As part of the hiring procedure, always conduct a character and background investigation on all job applicants. While doing this will indeed take a big portion of your time and company budget, what will ultimately matter is the peace of mind that this shall bring you. When you know that the people who'll work for you are truly reliable, the cost and effort will certainly pay off in the end.
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