Fraud Prevention & Internal Controls

What checks and balances do you have in place to protect your business financially?

How confident are you that money has not gone missing through theft or error?

Do you rely purely on trust to prevent fraud?

Fraud is far more common that most people realise, with PwC reporting 45% of Australian companies have suffered economic crime during the past two years.  

Small businesses are particularly susceptible to fraud.  Lacking resources to invest in sophisticated systems, small businesses are often open to cyber fraud.  And it’s not simply phishing and cyber scams by foreign hackers that threaten. An estimated 60% of business fraud is perpetrated by “insiders”, usually a trusted employee or contractor.  Weak systems and misplaced trust can leave small business owners vulnerable to theft and human error.

Big corporations conduct an internal audit to stress-test the security of their systems and also are often subjected to a full annual audit process.  But what about small and mid-sized business owners? How can they adequately protect their business?

HQB’s fraud prevention service is specifically designed to enable business owners of all sizes to effectively assess and improve their internal controls, minimising the chance of financial loss through fraud or error.

We are the only firm in the Coffs Harbour region with a team of 3 ASIC registered company auditors.  We employ this expertise in our two-step fraud prevention process:

1. Systems Audit:  We spend time with your staff and observing the operation of your business, developing an understanding of how your systems are actually operating.
2. Risk & Control Matrix:  We provide a detailed report on each of your systems, highlighting areas of risk and recommending internal controls to minimise that risk.

The HQB team can also provide ongoing assistance in implementing and monitoring internal controls.

Don’t leave your financial position vulnerable to theft, scams or plain old error.  Contact HQB today.