When it comes to fraud – no business is immune
When it comes to fraud prevention – most businesses take a chance that the risks are mitigated. Can you be sure? Fraud affects thousands of organisations every year, impacting on culture, reputation and most importantly, profits. BDO’s tailored Automotive Fraud Reviews ensure you have adequate internal controls in place and sets the tone for your tolerance to fraud.
Ten Second Tick Test
Take the Ten Second Tick Test to find out if your business is Fraud focused and Risk reassured.
1. Do you set the “tone from the top” attitude toward fraud? |
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2. Do your staff really understand that fraud is more than taking cash and ghost employees? |
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3. Do you have a whistleblower policy? |
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4. Do you have a monthly calendar of fraud spot check focus areas? |
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5. Do you have adequate internal controls around payroll and other administration functions? |
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6. Do you have adequate controls around electronic payments? |
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7. Do you have a policy in regard to gifts from suppliers? |
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8. Do you have regular independent stocktakes of parts, used and new inventories which are agreed back to the accounting system? |
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9. Do you review exception reports available in the dealer management system and follow up on unusual items or trends? |
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10. Do you understand the reputational risk that a major fraud would cause with manufacturers, financiers and customers? |
If you have answered No to any of the above, you could benefit from finding out more about how to minimise the risk of fraud in your organisation.
If you would like to find out more about the BDO Automotive Industry Fraud Reviews, download our pdf here or contact one of our Automotive advisers.
