5 Ways to Detect Fraud

Fraud, according to Webster’s Dictionary, is defined as “illegal activities undertaken by an individual or company that are done to give an advantage to the perpetrator,” but any business owner knows that this definition is far more complicated than that. It’s a huge risk that can affect your company’s bottom line, employee salary, and the trust of your financial investors. And, unfortunately, while it’s not completely possible to prevent fraud, there are some ways that you can detect it early to prevent your company from losing any more money than it already has. Here are 5 of the ways that you can detect fraud that might be happening in your organization. 

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Understanding Audit Opinion Reports

When you’re feeling ill and find yourself at any doctor’s office or walk-in clinic, what are you looking for? Usually, it’s some sort of relief from whatever ailment you’re suffering from, whether it be a headache, a stomachache, or a broken arm. You’re searching for outside advice about what might be wrong internally, and any doctor is more than willing to give you their professional assessment of your condition.

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Maximizing the Value of Your Internal Audit 

The word audit often makes employees and directors nervous. Why is someone looking into what we do? What is going to be found? What changes are coming? For any audit to be successful, leadership must be open to discussing tough issues and taking advantage of opportunities presented to improve the organization’s overall functioning. If a corporation has a qualified auditor on their staff, they will conduct the internal audit. If there is not a qualified individual on their team, an independent auditor can be hired to perform the task. 

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Non-Profit Audits 

An audit is an examination by an outside party, conducted to ensure that an organization’s financial records are accurate and in accordance with the law. You may not think of non-profit organizations in the same way that you think of corporations, but nonetheless they are a major part of the United States economy.

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When is a Financial Statement Compilation Necessary?

The world of auditing can be a mysterious one to the layman, and much of the terminology used in the industry can be confusing. One such term that is commonly misunderstood is the compilation. Today we wanted to explain compilations: what they are, why you would need one, how they differ from reviews or audits, and how you can arrange having a compilation completed for your business or non-profit organization. Read on to get a better idea of compilations to find out if this is the correct level of service that you require.  

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Forming an Audit Committee

Audit committees are necessary groups in organizations to ensure the integrity of financial reporting. The Sarbanes-Oxley Act of 2002 made it a requirement for all public companies to have audit committees, and many private and nonprofit organizations have implemented them as well. Having an effective audit committee can strengthen your organization and improve its financial credibility. Audit committees are essential components of corporate governance, so they should be formed the right way and with the right people in order to be the most effective.

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How to be prepared for an external audit

Preparing your team for an external audit can feel overwhelming, especially if this is your first time going through this process. Every external audit is different, depending on the industry you work in and the scope and the standard against which you will be audited.

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6 Tips for Internal Audit Report Writing

Some people will say that an internal audit report is meant to communicate what an audit found or make recommendations for improvement. However, the ultimate goal of an internal audit report is to persuade readers to take action. The writing style of an internal audit report can make a big difference in persuading readers to take complete and timely corrective action. The audit report’s content informs readers, but the writing style is what motives them to act. Below are some tips to help you during the internal audit report writing process so that you can make an impact and inspire action.  

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What is a Business Audit and Why Do I Need One?

As a business owner, you’re trying to juggle dozens of tasks at any given moment. So, finding the time, money, and available resources for a new expense is challenging.

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Top 7 Benefits of Auditing a Small Business

Small businesses are the backbone of the American economy and so, for the most part, keeping them running at optimum efficiency is everyone’s best interest. To this point, small business owners are faced with a deluge of information and business advice to having the most effective business strategy.

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