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…
The sophisticated “Christian”
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…
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…
