Fraud, Negligence & Wastefulness in YOUR BUSINESS!!

 

Fraud, Negligence & Wastefulness can be tricky to spot in any business and even more so if employees collude or if your manager and/or auditor is a part of this. 

 

Forbes reported that business lose 5% of annual turnover to employee fraud and abuse. Small businesses—particularly those that have fewer than 150 employees—are the most vulnerable to employee fraud schemes. They are also more likely than larger companies to experience a catastrophic loss from fraud because they lack appropriate internal controls and owners lack awareness of the risks their companies face from insider threats.

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What’s the likelihood that your business will fall victim to an employee fraud scheme? Consider this: 75% of employees have stolen from their employer at least once, according to the U.S. Chamber of Commerce. The Chamber also found that up to 30% of business failures may be the result of employee fraud and abuse. Get the Full Report here: https://www.forbes.com/sites/ivywalker/2018/12/28/your-employees-are-probably-stealing-from-you-here-are-five-ways-to-put-an-end-to-it/#4bc680ac3386

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• Who do you trust in your business? 

• Can you really trust them? 

• Are they telling you the truth? 

• Are reports true and correct?

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As business owners we need to protect our interest. We cannot rely on only 1 or 2 employees to protect us. Managers & Auditors can very easily also commit any offence like any other employee.