Using Audits to Help Prevent Business Fraud

What financial susceptibilities within a company can be revealed by audits?

• individual authorizations
• no separation of duties
• lack of security measures
• no computer controls

What controls, prompted by a successful audit, can protect vulnerable areas?

• separation of duties
• accurate inventory system
• computer controls
• cross-reference of financial documentation
• multiple authorizations

Overview/Description

Business fraud is a potential issue for any company. This Business Impact stresses the need for employers to protect themselves by using audits to detect fraudulent activities.

Target Audience

Financial personnel and any individuals interested in gaining essential business finance knowledge