Top tips on preventing internal fraud

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Everyone knows the age-old saying '"prevention is better than cure", which among many things, is true for fraud. 

Steve Giles argues in his book Managing Fraud Risk for Directors and Managers that preventing fraud should be more important than detecting or dealing with it. 

Law firm Rahman Ravelli recently published a paper dealing with money laundering and fraud that backs this argument up, along with the importance of accountants putting an anti-fraud culture in place.

This article therefore deals with what internal controls which can be put in place to prevent or deter fraud and the important role accountants have to play in them. 

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Some people are beyond help

Many, many years ago, while temping at a stationery wholesalers, I found that their credit control staff were allowed to give discounts to their customers.

I pointed out that this was a policy that was fraught with the possibility of fraud. i.e. their staff coming to "arrangements" with customers.

The reply I got was "It's funny that you should say that; we had to sack someone a couple of years ago for doing just that".

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