Is your company, organization or entity at risk… and would you know if it was? If an issue did arise, would the procedures you have in place be enough to identify and fix the issue, or would you be left scratching your head, unsure of how to proceed? Have no fear, Zac Morris, a principal on Rea’s government team, is here!
On this episode of unsuitable, Zac shares why something as simple as implementing internal controls can save business owners a lot of sleepless nights – and maybe even the business itself.
Do you know the story of Rita Crundwell? Rita Crundwell was the appointed comptroller and treasurer of Dixon, Illinois, from 1983 to 2012. Although Dixon only has an annual budget of about $10 million, Rita managed to embezzle over $53 million dollars over the course of 22 years – and, unfortunately, implementing internal controls could have stopped this scheme before it grew to become the largest (known) municipal fraud in U.S. history.
If you want to be proactive in identifying and avoiding risk, regardless of the size of your organization, you will be interested in these other topics discussed in this episode:
- How to create the appropriate environment of internal controls.
- What you can do to assess and minimize risks.
- Why you should train your staff and re-evaluate your monitoring process on an ongoing basis.
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articles & insight
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.
How To Prevent Fraud In The Workplace – Fraud is a growing concern among business owners because it can occur in any setting. It’s time you learn how you can reduce your risk of fraud at your company to protect your greatest asset.
Build Up Your Organization’s Resistance To Fraud – No organization is fully immune to fraud. But, following these steps can greatly reduce your company’s exposure to it.
official transcript
Click here to read the official transcript for episode 123, “Protect Your Organization from Mistakes, Fraud, and More with Internal Controls”