This case study explores the role of forensic accounting in fraud detection and the need for internal auditors to adopt a forensic investigation approach. Learn the importance of standing on your foot as an accountant by insisting that your superiors put all their requests or instructions for money in writing. The golden rule is simple — don’t give away cash unless it is receipted or signed for. NB: All names and dates are not real for client confidentiality. When I was in prison, visiting, an inmate came right after my presentation and said: “Sir, I really appreciate your talk on…
Digital frauds are killing businesses silently
We live in a digital world where basically the use of computers, Internet and other sophisticated technology is at its climax. Today people pay bills, send and receive payments, review bank transactions and balances over the Internet and or using mobile phones. Such innovations are intended to make life easier and more comfortable. In less than 5 years, crime and fraud have changed from an anomaly of teenage vandals into a multi-billion dollar industry. Every year, millions of people are falling victims to such activities. There are many stories cybercrime. Such hacking in some of America’s confidential information almost ruined…
How much have you invested into your computer security?
Today, every company or organization worth its name has at least more than 70% of its workforce doing office work on computers. Most staff have basic computer skills to enable them perform office tasks. Computer work contains sensitive information ranging from the financial stand of the company, strategy, customer details and the company trade secrets–information all companies guard jealously from their competitors lest they are edged out of business or risk spending a lot in legal costs in court cases. However, after buying the desk top computers, mobile gadgets or lap tops and connecting them to the local area network…
The SMART entrepreneur has a right Mindset
Why do you think many businesses are struggling to pay rent and operating costs? The answer is poor mindset. As a business owner, your mindset determines your altitude. Having the mindset is critical. What motivates you? Where will you play, how will you play and what kind of business will you not play in? What are your personal values? Get rich quick mindset is good, but may not give you happiness. Your mindset should be prepared for the long-haul. This is not a one day thing. Try to bear short term obstacles. Focus on making your customers and business partners…
The SMART entrepreneur – Sets a vision
Previously, we discussed about starting a business. Today, we explore the qualities of an entrepreneur. Once you have a business idea, you need to set a Vision. Instead of asking: “where do I want to be?” like everyone else; Ask: what is my biggest problem NOW? Is it lack of money or lack of customers or declining business? Then decide on how you will fix the problem either through low costs or differentiation – depending on your business environment. Decide on possibilities available under each option. Then explore the conditions which would have to be true for you to succeed…
How and where to start a business?
Why are there so many people jobless? The answer… They don’t know where and how to start a business. And those who have an idea are hunting for capital! You could join an entrepreneur or become one. Avoid jobs which make you relax too much in which case you don’t grow in terms of exposure and business acumen. Start by asking: what is the biggest problem in my community? How can I solve this problem cheaply for people? Which people would be happy with the solution? Are they willing to spend some money to someone who fixes it? Who else…
