HomeHome SearchSearch MenuMenu Our productsOur products

PWC reveals 35% of South African business owners experienced financial statement fraud in 2014. Don't be a victim

by , 21 November 2014
Financial statement fraud is one of the top five major economic crimes in SA.

That's over one third of businesses who falsified their figures in 2014.

What's more, senior and middle management are mostly responsible. And it could take years to see the true impact of this fraud!

But, you don't have to be a victim! Here's the information you need to eliminate the risk of financial statement fraud in your business today...

**********Recommended Product**********

Warning! Put a stop to fraud before it cripples your business...
 
 

********************

Do your manager's have ulterior motives?
 
When you look for fraud, don't just look at the numbers. Look at the bigger picture of your business. Ask yourself the following questions to help you identify if your managers have ulterior motives. 
  1. What are their backgrounds?
Make sure you appoint trustworthy people to deal with your company finances. If they have a history of being unreliable, rather move them away from your finances and payroll. 
  1. What motivations drive them?
Where there's strong management influence and ulterior motives, there are high chances of fraud. (For example, where Jeffrey Skilling and Kenneth Lay of Enron influenced the market, industry and company).
 
  1. What relationships do they have with financial institutions, related parties, investors, etc?
Look at if their relationships are disclosed and transparent. It is easier to trust those who are completely transparent and disclose conflict of interest.
 
For more tools on how to eliminate fraud in your business, get your copy of the Practical Accountancy Loose Leaf today.


Related articles




Related articles



Related Products



Comments
0 comments


Recommended for You 

  Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance



Here are all the most interesting, thought-provoking and common tax questions
asked by our subscribers over the last tax year – everything from A to Z!

To download Quick Tax Solutions for Busy Taxpayers – 35 tax answers at a glance click here now >>>
  Employees always sick? How to stop it today



Make sure you develop a leave policy to regulate sick leave in your company.

BONUS! You'll find an example of the leave policy and procedure in this report.

To download Employees always sick? How to stop it today click here now >>>
  Absenteeism: Little known ways to reduce absenteeism



This FREE e-report will tell you how you can reduce absenteeism in your workplace while avoiding the CCMA and without infringing your employees' labour rights.

To download Absenteeism: Little known ways to reduce absenteeism click here now >>>
  7 Health & safety strategies to save you thousands



Don't let a health and safety incident cost you one more cent. Implement these seven
strategies in your company today.

To download 7 Health & safety strategies to save you thousands click here now >>>