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There is some interesting information that every shareholder, business owner or top level management should know about fraud and fraud prevention. Here are some of the tips given by the ACFE (Association of Certified Fraud Examiners)
FRAUD PREVENTION CHECKLIST
The most cost-effective way to limit fraud losses is to prevent fraud from occurring. This checklist is designed to help organizations test the effectiveness of their fraud prevention measures.
1. Is ongoing anti-fraud training provided to all employees of the organization?
2. Is an effective fraud reporting mechanism in place?
3. To increase employees’ perception of detection, are the following proactive measures taken and publicized to employees?
4. Is the management climate/tone at the top one of honesty and integrity?
5. Are fraud risk assessments performed to proactively identify and mitigate the company’s vulnerabilities to internal and external fraud?
6. Are strong anti-fraud controls in place and operating effectively, including the following?
7. Does the internal audit department, if one exists, have adequate resources and authority to operate effectively and without undue influence from senior management?
8. Does the hiring policy include the following?
9. Are employee support programs in place to assist employees struggling with addictions, mental/emotional health, family or financial problems?
10. Is an open-door policy in place that allows employees to speak freely about pressures, providing management the opportunity to alleviate such pressures before they become acute?
11. Are anonymous surveys conducted to assess employee morale?
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