Question:
What is one effective thing that I can do to help protect my company against fraud?
Answer:
A major trend in recent fraud cases in the news involves persons writing unauthorized checks, or making unauthorized electronic transfers to personal accounts from company bank accounts. The business owner, or a responsible person other than the person who normally reconciles the bank accounts, writes checks, or makes deposits needs to open the bank statements and look at cancelled checks and funds transfers for suspicious activity before handing the statement over for reconciliation. See if the deposits for the month meet your expectations, too.
Tip:
If you aren’t getting cancelled checks or check images from your bank, get them!
Dan Case, CPA with Clothier & Head, PS is a member of the ABC Industry Partners Council which is a group of members servicing and educating fellow ABC members. If you have follow-up questions Dan can be contacted at dcase@c-h.com.
Do you have a question you would like to ask a professional? If so, email Kim Trautman.