Fraud Prevention: 10 Simple Steps

Unethical business behaviour directly or indirectly accounts for major losses – between 2% and 5% turnover, and severely damages the reputation and morale of companies.

It is one of the largest unmanaged risks in companies today.

Here are 10 simple steps that every business owner should implement to prevent fraud:

  1. Perform background checks on employees.
  2. Create an environment where honesty is practiced and employees are encouraged to be on the alert for fraud.
  3. Company owners should always receive bank statements directly from the bank.
  4. Maintain current and accurate accounting records.
  5. Have the company’s accountant perform periodic reviews of internal controls and perform interim reviews of the financial statements.
  6. Insist that employees take time off, and cross train employees so that they can review each other’s work.
  7. Physically secure the business premises and assets and restrict access times.
  8. Perform periodic inventories.
  9. Review computer security for proper administrative and access rights.
  10. Create a written fraud policy, as suggested by the Association of Fraud Examiners.

What questions do you have?

We are happy to help. Please post your comment below or call Lisa Byrne, Audit Manager at Cooney Carey, on 01 677 9000. Alternatively, send her an email: 

If this article helped you, please share it.

Posted on July 12, 2017 by Cooney Carey

Paperless Litigation – A Welcome Development


The Supreme Court has just run the first paperless litigation case in Ireland.  The appeal case of Lanigan v Barry in June 2016 was conducted using the eCourt App, using documents that were scanned and uploaded to tablets instead of the usual lever arch folders of paper documents.

The eCourt App was developed by Irish technology company eCúirt Teoranta.  The system allows for pleadings and other court documents to be scanned and uploaded to tablets, where they can be searched electronically and private annotations can be made.

It was reported that the paperless hearing took place “without a glitch”.  This is despite the fact that the Four Courts in Dublin does not Read more

Posted on May 6, 2017 by Cooney Carey

Fraud can happen to anyone!

fraud, forensic accounting

Many businesses understate the importance of fraud deterrence, prevention and detection. Don’t follow them. Prevent and detect fraud in your business by following these 5 tips:

  1. Establish a fraud risk management programme – include written policies,
  1. Exposure should be assessed periodically – identify any schemes apparent,
  1. Select, develop and implement prevention and detection techniques – reduce the impact,
  1. Establish a reporting process and approach to investigation – let employees know,
  1. Monitor risk management process and report results and improve process – not one and done exercise, need to be recesses periodically.

All businesses are subject to fraud risks. It can happen in large or small businesses across various industries. Making the company policy known to employees is one of the best ways to deter fraudulent behavior.

The cost of trying to prevent fraud is less expensive to a business than the cost of the fraud that gets committed.

What questions do you have?

We are happy to help. Please post your comment below or contact our friendly team on 01 677 9000 or by email:

Posted on May 2, 2017 by Cooney Carey

Newer Posts →

← Older Posts