Fraud Prevention Consulting

Regardless of the type of business, the risk of fraud is always present.

Strong fraud prevention processes help increase the confidence that investors, regulators, audit committee members and the general public have in the integrity of a company’s financial reports. This helps attract and retain capital.

The Business Bloodhound’s fraud prevention consulting services include:

Additional revenue of $100,000 is what a company needs to earn, to make up for a $10,000 loss to fraud (assuming a 10% profit margin).

Reviewing and Drafting Fraud Policies

Having a fraud policy is a critical tool in communicating your organization’s stance and processes in respect to fraud and how it will be dealt with.A well-drafted policy that is communicated to all employees,contractors and suppliers is an economical way of indicating that the fight against fraud is endorsed and supported at the most senior level, and may lessen the risk of your business becoming a victim.

The Business Bloodhound can assist you to draft a fraud policy specific to your organization.

Fraud Risk Assessments

Fraud Risk Assessment is the process aimed at proactively identifying and addressing an organization’s vulnerabilities to internal and external fraud.

The Business Bloodhound can assist you with:

  • Identifying which activities are most vulnerable to fraud
  • Developing plans to mitigate fraud risk
  • Assessing internal controls

Designing a System of Internal Controls

Having an effective internal control system in place offers several advantages, including: security of the organization’s assets; management’s ability to make decisions based on accurate and reliable financial information; and better management of risk.

While a small family business does not need the extent of internal control that a large multinational organization needs, appropriate internal controls can improve business processes, boost profitability and preserve shareholder value.

The Business Bloodhound is equipped to assist you with designing a suitable and effective internal control environment for your business.

“Trust is not an Internal Control”