Small businesses get fraud warning
Small businesses are being warned to be extra vigilant in their fight against fraud, especially during times of rapid growth.
Small businesses are being warned to be extra vigilant in their fight against fraud, especially during times of rapid growth.
The Fraud Advisory Panel, supported by the ICAEW, says small and medium sized enterprises often miss the danger signs especially when business is booming and warns opportunities for fraud can increase with the growing use of outsourcing.
The introduction of stakeholder pensions also poses a serious threat to SMEs, according to the Panel.
The Fraud Panel’s Mark Prentice said: ‘Much has been written about fraud in big business – there is much less advice for directors and managers in SMEs.’
Recent studies show small businesses often overlook signs of fraud such as cash flow changes, stock shrinkage and customer complaints.
Stakeholder pensions could also create problems in the future with the introduction of new payroll procedures and cash transfers to pension providers.
To help small businesses protect themselves, the Fraud Panel has now published a set of guidelines, covering issues such as recruitment, training and whistle-blowing.
As Prentice said: ‘The risks need to be understood and managed.’
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View articlePersonas is an internal AI platform meticulously developed by BDO to boost productivity and streamline day-to-day tasks. Read More...
View article