Lots of entities have problems with bank reconciliations. If your statements don’t reconcile, you might think that a little adjustment here and a small adjustment there is no big deal. And you’re right – it might not be. But it might also be a sign of a much larger problem. And the longer it goes on, the harder and harder it is to fix.
Email us today to find out how we can help with your bank reconciliation responsibilities as well as some of the other challenges you face every day – like strengthening your internal controls to prevent fraud. Read on to discover what other services we regularly offer our public entity clients.
Fraud and Internal Controls
Like it or not, fraud has become common in the workplace. It would be nice if we could believe that the men and women working in our offices are honest, hardworking individuals, and in most cases they are. Unfortunately, financial difficulties compel our employees to do things they would never do under better circumstances – like commit fraud. In 2014, the Association of Certified Fraud Examiners released findings detailing nearly 1,500 cases of fraud worldwide totaling more than $3 billion in losses. In many cases, instances of fraud spanned a series of months before it was even detected.
Make sure you have the internal controls in place to stand up to fraudulent activity. The certified fraud examiners at Rea & Associates will work with you to conduct an internal control study and fraud risk assessment to make sure you have the right precautionary measures in place to detect fraud in your organization or prevent it from occurring in the first place. Click here to request more information about our fraud prevention services.
Our robust portfolio of services is tailor-made to help your government entity perform at the top of their capacity 365 days a year. Discover some of the other services we provide:
- Internal Control Studies – Do you have the structure in place to prevent and detect fraud while promoting accountability throughout your organization? An internal control study can help you identify your weaknesses so you can confidently manage the establishments you were entrusted to serve. The end goal? Reducing risk.
- Fraud Risk Assessment – A fraud risk assessment can help your organization by illuminating blind spots within your infrastructure. Essentially, it tells you where fraud is most likely to occur. More in-depth than an internal control study, a fraud risk assessment identifies your cycles and identifies risks.
- IT Consulting – Through ACL data mining, we extract data from your system to look for ghost vendors and duplicate employees, which are sure signs of fraudulent activity.
- Business Continuity Plans – When you implement a solid business continuity plan, you are taking the steps necessary to ensure that you performance is in line with the industry’s disaster recovery standards as well as its generally accepted business standards. Business continuity plans help maintain the framework of your organization.
- Affordable Care Act Consulting – With each day that passes we learn more and more about the impact of the Affordable Care Act. Managing this regulation can be daunting and your focus should be growth initiatives and fulfilling your objectives.
- Red Flag Reporting – Fraud hotlines have proven to be valuable resources in the battle to combat organizational fraud and are a continuing testament to the honest, hard-working men and women who greatly outnumber those who might financially cripple your establishment.
- Bank Reconciliation & Certifications of Balance – Lots of entities have problems with bank reconciliations. If your statements don’t reconcile, you might think that a little adjustment here and a small adjustment there is no big deal. And you’re right – it might not be. But it might also be a sign of a much larger problem. And the longer it goes on, the harder and harder it is to fix.
- Debt Refundings – Refunding debt is no easy undertaking. Instead of going it alone and making mistakes or missing something altogether – which could result in an audit finding – enlist the help of a professional. Your Rea team will take a look at your debt documents and help you with the posting.
- Capital Asset Management – Are you sitting on capital you didn’t even know was there? Have you ever questioned how much your capital assets are actually worth? We’ve got you covered and can help you avoid potential audit findings that can be reported by your Audit Team due to inaccurate capital asset management and reporting.
- Taxable Fringe Benefit Review – Believe it or not, it’s pretty common for large and small agencies to forget to claim the fringe benefits they regularly provide their employees, which ultimately results in costly fines. A complete tax compliance review will help you identify taxable fringe benefits and determine your best course of action for reporting this information to the IRS.
Learn more about how Rea & Associates can help you. Click one of the links to the right to read more about some of the specific services we offer or contact Zac Morris, CPA, principal and director of government services, for more thorough answers to your specific questions.