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Perpetual assessments done with the aid of software will easily catch the above fraudulant schemes. However there are some more things which virtually every business owner should know in order to reduce the fraud losses.

Standards for supplier selection: Choosing the right supplier for the right material is not possible for every organization. Especially the small and medium organizations don t formalize their procedures and lose substantial revenues because of incorrect selection of the vendors. A company should be uniform in the way it buys its goods and services. This includes establishing and enforcing competitive bidding rules Cheap Marreese Speights Jersey , seeking quotations from genuine vendors and rules specifying what employees may accept from suppliers in the way of gifts and perquisites. What is considered as bribe is a point of legal importance in case of proceedings.

Maintain good internal controls: Keep files on all vendors, including information from reliable sources regarding the vendors' business activities and reputations. Keep on rating the vendors based on various pre-defined criterions. Keep track of the address of the vendors. How many times did he change the communication address Cheap Arron Afflalo Jersey , whether PO Box number is mentioned in the address of the vendor?

Concurrent Analysis of Payments to Vendor: Payments need to be analyzed as and when they are made. Lesser the gap between payment date and the analysis date more are the chances that exceptions will be caught. If the exceptions are caught real-time then it becomes easier to recover the proceeds of the fraud if there is any. Perpetual analysis with tools such as $afeguard helps the owners of the businesses to check vendors and suspicious activities of vendors. Benford s analysis is one of the methods of analyzing the payments digitally using statistical theorems. The frequency of the particular number occurring more than its probability determines the patterns of payments which may result into the fraud.

Require disclosure by employees and suppliers. Employees responsible for purchasing, and all senior executives Cheap Jonathan Isaac Jersey , should be asked annually to complete conflict of interest statements and to disclose interests in related parties. Suppliers should be asked to disclose their ownership and financial condition. This helps as the deterrent for the employees who try to collude with the vendors to dupe the employers. There remains a moral tension when the employee gives the disclosures.

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