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November 2005 — Vol. 83, No. 9

SMALL BUSINESS

Fraud prevention tips

 

Certified fraud examiner Martin Biegelman offers these tips for preventing fraud:

  • Conduct background checks on new hires and promotions to positions of trust.
  • Cover ethical conduct during employee training.
  • Include a measurement of values and ethics in performance evaluations.
  • Hire an outside accountant to review the books and evaluate internal financial controls.
  • Restrict bank account access.
  • Perform regular bank statement reconciliations.
  • Adequately secure inventory and supplies.
  • Let employees know financial record keeping is continually reviewed.
  • Treat employees well.
  • Trust employees, but verify.

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