With recent reports that three out of every four companies experience fraud of some type, it is essential that Los Angeles and Southern California executives submit their internal controls to periodic testing and maintenance.
The absence of regular testing can increase the potential for fraud and embezzlement schemes to occur, and it is not unusual to see fall off in testing happen due to senior finance positions being eliminated during and following the recession. Those senior finance resources were many times responsible for overseeing effective internal controls.
Reviewed in this week’s article…
…are challenges that can occur when internal controls are not regularly tested and six steps to maintain them.
Executives who are concerned about risk related to internal fraud and embezzlement can benefit from talking with a provider of CFO services who will bring a proven track record of implementing and regularly testing internal controls.