Small businesses seldom recognize the importance of internal controls since the owner is generally able to directly supervise all the activities and personally control cash receipts and payment. But as the company grows, and authority and responsibility are delegated, a sound internal control system becomes vital for management to obtain accurate financial and operational information, to safeguard the firm’s assets from theft and waste and plan for growth.
Internal controls are not foolproof, but they can help you prevent white-collar crime. Here are ten steps to implementing internal controls that will help protect you from white-collar crime.
White Collar crime is rampant. Don‚Äôt become a victim!