The Importance of Internal Policies and Procedures Within an Organization

Have you ever reviewed an expense transaction in a corporation’s books and wondered, “Is this expense allowed?” Or have you ever expensed a transaction and asked yourself the same question? As a business owner, management or an employee of an organization, you are probably far too familiar with this “grey area.” There are those transactions …

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The Importance of Internal Controls to Reduce the Risk of Corporate Fraud

Fraud risks within companies are not something new. For years, companies have found themselves susceptible to fraud, falling victim on many occasions. While fraudulent behavior can occur at all levels of the organization, more than half of occupational frauds occur in (1) operations, (2) accounting, (3) executive/upper management, and (4) sales[1]. For this reason, it …

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The Importance of Due Diligence Processes in Third-Party Dealings as Part of Companies’ Internal Controls to Mitigate Risks

Third parties, whether distributors, consultants, suppliers, vendors, or other organizations, form an integral part of a company’s functioning, operations, growth, and success. While essential, these third parties bring new supply chain, financial, legal, compliance, and intellectual risks that could damage companies’ reputations and operations. As part of the internal controls, companies should design and maintain a …

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