Many small organizations typically have limited resources to both prevent and recover from fraud. There is also often a high level of trust put upon employees due to the lack of internal controls. According to the Report to the Nations: 2018 Global Study of Occupational Fraud and Abuse (the Global Study) published by the Association [...]
When requested to prepare fiduciary accountings, I would first ask the following basic questions: What will the fiduciary accountings be used for? Are they going to be filed in court? What is the time period of account? The answer to questions 1 and 2, would determine the level of detail required of the accountings. There [...]
A fiduciary is an individual in whom another has placed the utmost trust and confidence to manage and protect their property and/or money. The relationship is where one person has an obligation to act for another's benefit and a way for the fiduciary to report the activities of the property they are managing is through [...]
Whether your organization is a not-for-profit or a small business, cash is one of your most valuable assets. It should be safeguarded by establishing internal controls to prevent fraud and identify errors. However, in small organizations, this may be a challenge due to limited resources for the following reasons: Hiring employees with the appropriate skillsets [...]
