One of the reasons small businesses are at such a high risk is the lack of internal controls within the company. This is typically due to the cost associated with implementation and training, a belief and trust in employees that they won’t perform a fraudulent act against them, and the lack of time to create the internal control infrastructure that would minimize their risk. Basically, many small businesses are playing the lottery every day without knowing it, by assuming their business will never be subject to a fraud related incident that may put them out of business in an instance.
This assessment is designed to introduce you to business fraud that you have a potential to be affected by. In this assessment we will ask 5 simple questions and provide you with three simple examples of those risks and steps to minimize the risk of fraud.
And lastly, keep in mind, we are talking about two forms of business fraud: Tax Fraud and Occupational Fraud. Read more on “The Weekly Fraudblog” at AccountingWeb!