Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Saturday mornings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the Entrepreneur’s Playbook™ page of the PKF Texas website.
In these uncertain economic times, have you done everything reasonably expected to prevent or detect fraud? A fraud risk assessment may be the next logical step to lower the potential for fraud against your organization.
The risk assessment reviews the operations and controls including policies and procedures of an organization to determine where gaps exist that could allow a person or persons to carry out a fraud within an organization.
We are all operating in a global, fast paced marketplace with pressure to continually improve our operations. This creates the need for more timely assurance that your risks are being mitigated effectively.
Because the threats to your company change over time, it is imperative to reassess your policies and controls, paying close attention to any discrepancies. The sooner you know of a problem, the sooner you can find a solution.
If you have concerns about your threat level, PKF Texas offers an online tool to help assess a company’s potential for fraud. The tool may be found at pkftexas.com/fraudsurvey.