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Controls are the actions implemented by management, the board, and other stakeholders to manage risk and increase the likelihood of achieving the established objectives and goals of the organization. They are based on the rules that specify the purpose, scope, and procedures of the organization, as well as the accountability and authority of the participants.
Sarbanes-Oxley Act, or SOX, is a U.S. federal law that was enacted in 2002 which is a U.S. law that aims to prevent corporate fraud and protect investors. It was passed in 2002 after some massive companies cheated on their financial reports and caused huge losses. SOX sets strict rules and punishments for public companies, their leaders, and their auditors, to make sure they report their finances honestly and accurately. SOX also created the Public Company Accounting Oversight Board (PCAOB) which is an independent body that checks and regulates the audits of public companies. SOX covers many areas of how a company should run its business and report its finances, and has eleven parts.
Fraud is a serious threat to all kinds of organizations, no matter how big or small they are. Whether you are a public or private company, a government agency, or a non-profit entity, you need to protect yourself from fraudsters.
A survey of over 2000 fraud cases in 2022 showed that the median loss per company was $117,000 and the average loss per case was $1,786,000. These numbers show how crucial internal controls are for any organization to prevent fraud. Process Strategies can help you strengthen your internal controls by identifying and fixing the weaknesses in your policies and procedures. . Call us today @ (213) 296-3004.
No matter what kind of business you run, if you have an entrepreneurial mindset and a creative vision, we can help you succeed. With our extensive experience in working with new and small businesses, we can guide you through the challenges and risks of starting a business and help you avoid common mistakes. Contact Process Strategies at (213) 296-3004 today and set up an appointment to meet us and take the first steps into tomorrow.
U.S. regulators such as the S.E.C., and the courts are levying increasingly heavy fines against companies without adequate internal controls. They see this as a strategy for fighting fraud. With decades of experience, our staff can create and implement the controls you need. Contact Process Strategies @ (213) 296-3004.
It's not a matter of if, it’s a matter when and how much. According to the Association of Certified Fraud Examiners: “Over the years study after study has shown that organizations with anti-fraud controls in place experienced smaller fraud losses and detected fraud more quickly than organizations without them.” If you are concerned about fraud in your organization, contact Process Strategies @ (213) 296-3004. We will design, implement, and monitor the internal controls you need to prevent fraud.
Data management protocols are the rules and methods that protect data from fraud and harm. They vary depending on the type and context of data, such as web, email, mobile, network, or wireless data. Some examples are:
Payroll fraud is when someone cheats on the payroll system to get more money or benefits. It can hurt your business a lot. To stop payroll fraud, you need to have good controls and checks on your payroll system. Some of the things you can do are:
These steps can help you prevent and catch payroll fraud and save your business from harm. Let us know if you need help.
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