Star Infranet ~ Guidelines to Detect Fraud in Your Business

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Star Infranet Guidelines to Detect Fraud in
Your Business

• Star Infranet

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• Swindling in businesses is one of the major
  issues the world is facing currently. As the name
  itself suggests, fraud refers to the deliberate
  attempt of misinterpretation by people related to
  the organisation in one way or the other, in both
  monetary as well as non-monetary gains. Even
  though the owners take all the relevant measures
  to check the fraud, the frauds take place. The
  prime reason for this is that every control
  system needs proper and constant monitoring, and
  business people being busy individuals could not
  devote the time required for the same.

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• For the success of an enterprise, it is essential
  to detect these scams and keep a check on them.
  Businessmen have all the skills to keep these
  frauds in control, but due to the busyness it is
  advised to take assistance from qualified
  professionals to deal with this hazard. Though
  there cannot be a single strategy which can apply
  to all businesses, yet we have streamlined few to
  help in detecting and preventing fraud in your
  business.

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• Assessment of the internal measures All the
  internal controls should be regularly assessed as
  they are most prone to frauds. A qualified
  professional should be appointed to keep a check
  on the controls. Accounts sections require
  constant monitoring as they attract fraudulent
  the most.
• Check on business assets One of the major
  qualities of a good businessman is keeping a
  control on the assets and liabilities of the
  enterprise. It becomes mandatory to keep an
  inventory of all the business assets in order to
  protect the business from misdeeds like theft,
  pilferage, etc. Timely evaluation of stock and
  physical verification of the assets will dissuade
  employees from theft.

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• Maintaining code of conduct Employers should
  keep a tab on the employees time to time take
  notes of their behaviour especially of those
  related to financial transaction.
• Tab on unlawful actions Every brick contributes
  in the construction of a building, similarly each
  and every act of an organisation matters, even a
  single illicit act hampers the reputation and
  goodwill in the market. Hence, it is a very
  crucial point for the owners to make sure that no
  such activities are occurring within the
  organization.
• Auditors Advices Both legal and internal
  auditors are third party people and have no
  particular interest in your enterprise.
  Therefore, any finding by them should be taken
  very seriously as these professionals have niche
  knowledge of their subject and can add
  substantial value to your business.

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• Recommendations of audit committee The audit
  committee is one of the key factors which
  delineate major issues of your business. Any
  recommendations or reviews made by this committee
  should be taken very seriously by the management.
• Maintain an anonymous complaint cell  Many times
  employees want to bring a fraud into the notice
  of the employer but are afraid of their identity
  getting revealed, which may create enmity against
  him/her. So, it is essential for the owner to
  implement a complaint system where employees can
  report issues on the condition of anonymity. A
  complain box or hotline can serve the purpose.

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• Star Infranet Guidelines to Detect Fraud in
  Your Business