The whole category in one page.
EVERY CONTROL EXISTS BECAUSE SOMETHING WENT WRONG SOMEWHERE
The two kinds are preventive and detective, and you need both — prevention fails, and detection alone means finding losses after they happen.
MANAGEMENT OVERRIDE IS THE WEAKNESS IN EVERY CONTROL SYSTEM, WHICH IS WHY CONTROLS MUST APPLY TO OWNERS TOO
RECEIVE BANK STATEMENTS DIRECTLY AND EXAMINE THEM YOURSELF
It is the single most effective control available to a small business. Statements handed to you by the person being checked are not a control at all.
VERIFY EVERY BANK DETAIL CHANGE BY PHONE TO A NUMBER YOU ALREADY HOLD, WITHOUT EXCEPTION AND ESPECIALLY UNDER URGENCY
Manufactured urgency is the standard method.
BANK RECEIPTS INTACT AND PAY EXPENSES SEPARATELY, BECAUSE TAKING CASH OUT BEFORE BANKING DESTROYS THE ABILITY TO RECONCILE ANYTHING
INVESTIGATE EVERY DIFFERENCE, HOWEVER SMALL — TOLERATING SMALL ONES ESTABLISHES THE ACCEPTABLE MARGIN FOR REMOVAL
HAVE SOMEONE WHO KNOWS THE WORKFORCE REVIEW THE PAYROLL LISTING, SINCE IT IS WHAT DETECTS NAMES NOBODY RECOGNISES
REQUIRE MANDATORY LEAVE WITH SOMEONE ELSE COVERING THE ROLE, BECAUSE ONGOING CONCEALMENT REQUIRES PRESENCE
REMOVE ACCESS ON THE LAST DAY, ACROSS EVERY SYSTEM INCLUDING ACCOUNTS REGISTERED IN THE PERSON'S OWN NAME
AND REMEMBER THAT FRAUD IS COMMITTED BY TRUSTED LONG-SERVING PEOPLE, BECAUSE THEY ARE THE ONES WITH ACCESS — CONTROLS PROTECT HONEST STAFF FROM SUSPICION AS MUCH AS THEY PROTECT THE BUSINESS FROM LOSS
