5527 N Union Blvd, Ste 100, Colorado Springs, CO 80918
(719) 260-0320

Internal Controls

 

 

To protect your business on the inside, Wilklow & Associates will help you put into place systematic measures such as reviews and other procedures to ensure that your business is conducted in an efficient and orderly manner that prevents fraud or loss.  We will provide policies that safeguard your assets and resources and produce reliable and timely financial data.  For inclusive, accurate accounting of data and full service consulting you can trust, contact Wilklow & Associates today.

Fraud comes in a variety of forms, including credit card and check fraud as well as employee theft. Some of the most common types of employee fraud include stealing assets either directly or through fraudulent billing schemes or check tampering. Some specific examples include: paying fictitious vendors, skimming cash, claiming undue overtime, stealing inventory, or embellishing an expense account. Regardless of the nature of the fraudulent activity, the propensity for loss is tremendous. Fraud can threaten the stability of a business by resulting in significant financial losses. The Association of Certified

Fraud Examiners (ACFE) reports the typical business will lose an average of 7% of revenues from employee theft alone.
Although fraud and corruption can occur in large corporations or small businesses alike, based on the report from the ACFE 2008 Report to the Nation on Occupational Fraud & Abuse, "small businesses—defined as those with less than 100 employees—suffered both a greater percentage of frauds (38%) and a higher median loss ($200,000) than their larger counterparts. These findings accentuate the unique problems in combating fraud—primarily the limited amount of fiscal and human resources available for anti-fraud efforts—frequently faced by small organizations."