LearningCat: Internal Controls Accounts Payable Management
Fraud Prevention in Accounts Receivable Management in India
Fraud in accounts receivable (AR) management is no joke. It’s a massive problem, and if you’re not careful, it can rip your business apart. India’s business scene is growing fast, and with that comes more complexity and a higher risk of fraud. Whether you’re running a small business or managing a large company, fraud in […]
Segregation of Duties in Internal Controls for Indian Businesses
One of the main internal control principles that aids businesses in preventing fraud, mistakes, and asset abuse is segregation of duties, or SoD. To put it plainly, it implies that no one individual should be in charge of every stage of an important transaction. Businesses lessen the likelihood that someone may conduct fraud or make […]
Fraud Prevention in Internal Controls
Fraud isn’t new. It’s been around for centuries, but it’s a growing issue for businesses in India. With companies expanding, risks like financial fraud and employee scams are skyrocketing. Whether it’s a small startup or a major corporation, no one’s immune. And if a company doesn’t have strong internal controls in place, they’re asking for […]
Regular Reconciliation in Internal Audits
Internal audits play a crucial role in thoroughly examining a company’s financial status. Reconciliation, a crucial procedure in this process, involves estimating two ledgers to verify their accuracy and identify any discrepancies. Not only is this a tedious task, but it’s also one of the most crucial aspects of handling money. Given the increasing complexity […]
Best Practices for Segregation of Duties in AR
When it comes to managing money in a business, especially in areas like accounts receivable, you can’t afford to cut corners. One simple mistake or act of fraud can cost a company big time. That’s why having proper checks in place is essential. One of the key controls to prevent both fraud and mistakes is […]