Among the corrections we might help you make…
- Segregate duties in order to reduce risk of error or inappropriate action. This involves making sure that no one person has control over all aspects of any single financial transaction.
- Ensuring that all transactions are handled by a delegate with approved authority to handle such transactions.
- Put systems into place which create a process where all transactions are reviewed and reconciled by someone other than the transactor.
- Assure physical safety of all equipment and introduce periodic counts to compare equipment, inventory, cash and other property are consistent with that on record.
- Implement job training for all employees and make sure that employees have the knowledge and resources to carry out their job duties, are provided with an appropriate amount of supervision, and are aware of the channels for reporting potential problems.
- Documentation of all policies and procedures that are accessible to your employees and the procedures for continued guidance and training regarding these procedures to address employee turnover or prolonged employee absence.
- A consistent review of operations to determine that results are consistent with objectives and goals.
