Financial Statements: Preventing Fraud

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...once detected, or more likely when someone blows the whistle.

Your response to a fraud can impact your future survival. The chances of recovery diminish with every day, so it’s imperative that those charged with dealing with fraud understand the protocol for investigating it. A response plan is a vital precaution and this should clearly determine who to involve and, just as importantly, who not to involve in the process.

The three core principles of prevention, detection and investigation should be linked in a virtuous circle where lessons...

...learnt from investigation are used to improve controls, leading to better detection procedures and increasing the chances of prevention.

And finally, a word of warning: don’t just think it won’t happen to you. Rather than courting disaster, make sure your anti-fraud procedures are up to scratch now.

To find out more about protecting your business against fraud, contact David Alexander on 020 7131 8290 or email david.alexander@smith.williamson.co.uk

Disclaimer:
By necessity this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Article correct at time of writing.

Smith & Williamson LLP
Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International

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