IS THERE MORE GOING ON BENEATH THE SURFACE?
Risk is not always obvious when you’re busy. Business owners and management often don’t have the time to focus on the reliability and appropriateness of the carefully designed internal systems and controls. CDA Audit & Advisory have over fifteen years’ experience helping business become more robust.
We recently met with a well-known and highly respected South Australian manufacturer as they had concerns over the reliability of their purchasing and employee internal controls. We conducted a thorough investigation and uncovered a fraud perpetrated by an employee. Using a favoured trick, the employee had setup a fictitious supplier with their own bank details and had stolen around $3,000.
We were able to assist in the recovery of this cash and also put improvements in place to ensure that this did not happen again. This included notifications to management of change in supplier details and newly created suppliers, careful review of payments through variance analysis, and detailed spend limit approvals for staff.