How to Quit Asking the Bad Questions and Start Asking Great Questions

“The art and science of asking questions is the source of all knowledge.”- Thomas Berger

I thought I had the answer. Still, I wanted to be sure, so I asked a key employee.
 
“I’m thinking of moving two crews to a different shift rotation to get a better process flow,” I said. “I’ve run the numbers, and overall productivity should go up by at least 10%. What do you think?”
 
He thought for a minute. “I suppose it could work,” he said.
 
“I think so, too,” I said. So I moved them.
 

How to Prevent the Fraud Triangle

 
To prevent financial fraud, you must remove one of the three elements of the Fraud Triangle!
 
The easiest element for management to remove is OPPORTUNITY by creating effective internal controls – such as
 
1. Do a background check for those in financial roles
2. Separate duties – for example, the person who opens the mail should not be the same person who records payments and deposits checks and reconciles the accounts
3. Reconcile the bank account regularly
4. Bank statements should be delivered to management unopened
5. Require regular vacation, job rotation, or surprise work review
6. Create procedures to handle cash, signature stamps, and checks
7. Review your vendor listing to make sure there are no unusual or unknown vendors
8. Use unique logins and passwords on computers and for online banking access
 
It is the responsibility of management to limit opportunities for fraud. Start today by implementing these internal controls!