Kelesego Mosupukwa’s Post

"Vendor, supplier, and procurement fraud" was cited as the second most prevalent fraud by Kroll Global Fraud Annual Report. If organizations want to address these losses, the best possible way is through the right controls, data analytics, surprise audits, technology among others. #Process #dataanalytics #fraudprevention #internalcontrols #digitaltransformation #financialcrimes #operationalintegrity

"Stay informed and vigilant!" We're launching a new series on crucial aspects of business integrity and success. From fraud awareness to financial literacy and ethical leadership. Knowledge is power in recognizing and preventing fraudulent activities. Join us as we delve into essential insights and strategies to safeguard against fraud. #FraudAwareness #StayInformed #PreventFraud"

What are Fraud Schemes Related to Inventory ? https://lnkd.in/e3dPUjgu #InventoryFraud #FraudSchemes #InventoryManagement #CorporateFraud #FinancialFraud #FraudPrevention #SupplyChainFraud #Audit #InternalControls #FraudDetection #BusinessIntegrity #InventoryTheft #FinancialCrime #FraudAwareness #ForensicAccounting #RiskManagement #AssetProtection #Compliance #BusinessEthics #AntiFraud #InventoryControl #InventorySecurity #FraudRisks #InventoryAuditing #CorporateGovernance

🚨 Fraudsters are becoming more tech-savvy, but so can you! 🚨 Procurement fraud is a growing challenge for businesses that rely on suppliers. But what if you could use technology to prevent fraud before it starts? In our latest blog, we dive into how modern solutions can help safeguard your procurement process and protect your business from financial and reputational damage. 🛡️ Curious to learn more? Click through to discover the tools and strategies that can make a real difference. https://lnkd.in/gGd_eSYG #ProcurementFraud #BusinessRisk #Compliance

The importance of robust internal controls cannot be overstated. Internal controls are systematic measures implemented by organizations to ensure operational efficiency, reliable financial reporting, and compliance with laws and regulations. They also serve as a first line of defense against fraud and theft. Implementing internal controls management software is becoming increasingly essential as businesses seek to enhance these protections and streamline their control processes. Read the latest on our blog 👉https://hubs.li/Q02wfhfs0 #internalcontrols #ic #internalcontrolsmanagement

Retailers, manufacturers and businesses in some other industries must keep inventory under control or risk theft losses. If you discover an inventory shortfall, hire a fraud expert to investigate. Experts initially assume there’s an innocent explanation, such as sloppy recordkeeping. But if certain red flags are evident, a fraud expert will review internal controls and comb inventory records, such as journal entries, for discrepancies. Experts may suggest you hire an outside firm to perform an inventory count. Then, they usually watch for thieves who might attempt to return inventory to escape discovery. #Consulting #Risk #BusinessResiliancy #Manufacturing #Construction #Business #LitigationSupport #BusinessConsulting #ExpertWitness #InternalAudit #TrialConsultant #DataAnalytics #BVal

Retailers, manufacturers and businesses in some other industries must keep inventory under control or risk theft losses. If you discover an inventory shortfall, hire a fraud expert to investigate. Experts initially assume there’s an innocent explanation, such as sloppy recordkeeping. But if certain red flags are evident, a fraud expert will review internal controls and comb inventory records, such as journal entries, for discrepancies. Experts may suggest you hire an outside firm to perform an inventory count. Then, they usually watch for thieves who might attempt to return inventory to escape discovery. #Consulting #Risk #BusinessResiliancy #Manufacturing #Construction #Business #LitigationSupport #BusinessConsulting #ExpertWitness #InternalAudit #TrialConsultant #DataAnalytics #BVal

Internal Controls: Protecting Your Business from Within Are your financial processes secure? Internal controls aren’t just for big corporations—they’re crucial for businesses of all sizes to safeguard against fraud and errors. Here are 5 essential internal controls every business needs: 1. Separation of Duties - No single person should handle an entire process. - Reduces the risk of fraud and helps catch errors early. 2. Authorization Protocols - Clear spending limits and approval processes ensure no unauthorized transactions slip through. 3. Regular Reconciliations - Compare internal records with external statements monthly. - Spot discrepancies before they become major issues. 4. Physical Safeguards - Protect assets, sensitive data, and financial records from theft and unauthorized access. 5. Clear Documentation - Keep a clear audit trail for every transaction. Accountability is key and helps with audits. Tip: As your business scales, so should your internal controls. Review them annually! Question: What internal control has had the biggest impact on your business? Let’s discuss! #FinancialSafety #BusinessSecurity #AccountingTips #InternalControls

33% of Businesses Don’t Know How Much They Lose to Procurement Fraud as per a survey conducted by SAS, AL and analytics company. 26% of the companies don’t even audit the procurement fraud. Organizations need to educate employees on anti-fraud policies, introduction of maker checker controls, data analysis of trends, surprise audits, rotation of staff, automation of controls, vigilance monitoring for change in employee spending patterns, whistle-blower policies, etc. #management #financialcrimes #procurement #procurementfraud #fraudprevention #beyondbookkeeping #innovation #technology