Fraud and corruption posses a big threat to corporate success. As custodians of financial resources, the accountants’ role is more than writing cheques and books of accounts. The role has evolved to include implementing policies and procedures aimed at preventing fraudulent practices, and where a fraud occurs, implementing controls to prevent re-occurrence. To discharge their role effectively, accountants must acquire fraud prevention and management skills. One of the ways of managing corruption and fraud is through public awareness of the risk. In these anti-fraud and corruption series, we explain how fraud and corruption occur and ways of managing the risks.…
Darkness at noon: the story of my six hours in jail!
The events in this story happened eight years ago. But are firmly stuck in my mind. It is the story that explains why a profitable business could become loss making overnight. Summit Business magazine lost advertising worth Ugx. 40m of stable monthly income over a single event and never recovered! They say prison and hospital are man’s right of way. At one time of your life, you may find yourself entering those doors. Here is your opportunity to see inside police cells mentally so that you are well informed. Have you ever been detained in a police cell? Have you…
What to be a great team player?
Great team players say; “I don’t know”, “I need help”, “I was wrong”, and focus on behaviors not personality when counseling or mentoring. Saying, “I don’t know.” Is a sign of confidence? You don’t get ahead by trying to know everything. That is not a team spirit. You must be open to learning new ideas and insights from others. Also read: Tool #28 of 104 is to avoid being comfortable with the average Also, no one learns anything when they are talking. To learn, you’ve got to listen. And when another person is allowed to speak, they feel valued. That…
