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Avoiding Occupational Fraud

This can be a significant threat to businesses of all sizes, especially in today’s fast-paced and digital world. This blog shares insights on how to identify and prevent occupational fraud, helping businesses safeguard their assets and reputation.

Occupational fraud involves the use of one’s occupation to misappropriate resources or assets for personal gain. This can take various forms, including asset misappropriation, corruption, and financial statement fraud. Understanding these categories is essential to effectively detect and prevent them.

Common Indicators of Occupational Fraud

  1. Unexplained Financial Discrepancies: Sudden, unexplained variances in financial statements or books.
  2. Lifestyle Changes: Employees living beyond their means without a clear source of income.
  3. Reluctance to Share Duties: Employees unwilling to take leave or share their work with others.
  4. Unusual Behaviour: Changes in behaviour, such as increased secrecy or defensiveness.

 

Prevention Strategies

  • Establish Strong Internal Controls: Implement robust internal controls, such as segregation of duties, regular audits, and approval processes for transactions.
  • Conduct Background Checks: Thoroughly vet potential employees, particularly those in positions of financial responsibility.
  • Educate Employees: Foster a culture of awareness by educating employees about fraud risks and the importance of ethical behaviour.
  • Implement Whistleblower Policies: Encourage employees to report suspicious activities without fear of retaliation.
  • Regular Audits: Conduct regular internal and external audits to detect and address any irregularities promptly.

 

 

Red Dot Now provides accounting, payroll and tax compliance services using the best of breed online technology.

Should you want to discuss this, or any of our services further, contact Ryan Coates on e-mail at ryan@reddotnow.com

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We can’t speak highly enough about Ryan and his incredible team at Red Dot Now. We have utilized their services for years and have always been grateful for their friendliness, professionalism and seamless service! Thank you again.Rory Loader
We can’t speak highly enough about Ryan and his incredible team at Red Dot Now. We have utilized their services for years and have always been grateful for their friendliness, professionalism and seamless service! Thank you again.
“I would highly recommend Red Dot Now as I have worked with them for a number of years and always received excellent service and support from the whole team. Our company wouldn’t be the same without Red Dot Now.”Nicky Bailey • MD – Webco
“I would highly recommend Red Dot Now as I have worked with them for a number of years and always received excellent service and support from the whole team. Our company wouldn’t be the same without Red Dot Now.”
“Red Dot Now has added exceptional value to our company. Since taking over our accounting services, we have been able to focus on our core business, assured that our financial affairs are taken care off in a professional, user-friendly, accessible and compliant manner. It is also nice to receive information and reports in a 21st-century manner.”Jacques Buchner CEO – RB Africa
“Red Dot Now has added exceptional value to our company. Since taking over our accounting services, we have been able to focus on our core business, assured that our financial affairs are taken care off in a professional, user-friendly, accessible and compliant manner. It is also nice to receive information and reports in a 21st-century manner.”
“Red Dot Now has assisted us with establishing an efficient outsourced back office supporting our accounting and human resources functions. Through utilising the Red Dot Now outsourcing services, we have managed to reduce our back-office costs significantly without losing functionality and efficiencies.”John Cerff CFO – VM Automotive
“Red Dot Now has assisted us with establishing an efficient outsourced back office supporting our accounting and human resources functions. Through utilising the Red Dot Now outsourcing services, we have managed to reduce our back-office costs significantly without losing functionality and efficiencies.”
“Without Red Dot Now our business would not have been what it is today. I would recommend them to all businesses striving to grow and move forward with the latest technology. World class.”Founders - International Player Management (Pty) Ltd
“Without Red Dot Now our business would not have been what it is today. I would recommend them to all businesses striving to grow and move forward with the latest technology. World class.”
“Red Dot Now was instrumental to the successful migration of our group’s accounting platform and the introduction of reporting software as well as other critical consulting services that allowed us to move to the next level required as a part of our expansion strategy.”Pierre Roux - Group Financial Manager & Premier Hotels & Resort
“Red Dot Now was instrumental to the successful migration of our group’s accounting platform and the introduction of reporting software as well as other critical consulting services that allowed us to move to the next level required as a part of our expansion strategy.”
“Red Dot Now has moved our company forward and has efficiently helped us with various aspects of our businesses finances including our payrolls and SARS submissions.”Johnny Goldberg - CEO Global Business Solutions
“Red Dot Now has moved our company forward and has efficiently helped us with various aspects of our businesses finances including our payrolls and SARS submissions.”
We can’t speak highly enough about Ryan and his incredible team at Red Dot Now. We have utilized their services for years and have always been grateful for their friendliness, professionalism and seamless service! Thank you again.
Rory Loader
We can’t speak highly enough about Ryan and his incredible team at Red Dot Now. We have utilized their services for years and have always been grateful for their friendliness, professionalism and seamless service! Thank you again.
“I would highly recommend Red Dot Now as I have worked with them for a number of years and always received excellent service and support from the whole team. Our company wouldn’t be the same without Red Dot Now.”
Nicky Bailey • MD – Webco
“I would highly recommend Red Dot Now as I have worked with them for a number of years and always received excellent service and support from the whole team. Our company wouldn’t be the same without Red Dot Now.”
“Red Dot Now has added exceptional value to our company. Since taking over our accounting services, we have been able to focus on our core business, assured that our financial affairs are taken care off in a professional, user-friendly, accessible and compliant manner. It is also nice to receive information and reports in a 21st-century manner.”
Jacques Buchner CEO – RB Africa
“Red Dot Now has added exceptional value to our company. Since taking over our accounting services, we have been able to focus on our core business, assured that our financial affairs are taken care off in a professional, user-friendly, accessible and compliant manner. It is also nice to receive information and reports in a 21st-century manner.”
“Diga has assisted us with establishing an efficient outsourced back office supporting our accounting and human resources functions. Through utilising the Diga outsourcing services, we have managed to reduce our back-office costs significantly without losing functionality and efficiencies.”
John Cerff CFO – VM Automotive
“Diga has assisted us with establishing an efficient outsourced back office supporting our accounting and human resources functions. Through utilising the Diga outsourcing services, we have managed to reduce our back-office costs significantly without losing functionality and efficiencies.”
“Without Red Dot Now our business would not have been what it is today. I would recommend them to all businesses striving to grow and move forward with the latest technology. World class.”
Founders - International Player Management (Pty) Ltd
“Without Red Dot Now our business would not have been what it is today. I would recommend them to all businesses striving to grow and move forward with the latest technology. World class.”
“Red Dot Now was instrumental to the successful migration of our group’s accounting platform and the introduction of reporting software as well as other critical consulting services that allowed us to move to the next level required as a part of our expansion strategy.”
Pierre Roux - Group Financial Manager & Premier Hotels & Resort
“Red Dot Now was instrumental to the successful migration of our group’s accounting platform and the introduction of reporting software as well as other critical consulting services that allowed us to move to the next level required as a part of our expansion strategy.”
“Red Dot Now has moved our company forward and has efficiently helped us with various aspects of our businesses finances including our payrolls and SARS submissions.”
Johnny Goldberg - CEO Global Business Solutions
“Red Dot Now has moved our company forward and has efficiently helped us with various aspects of our businesses finances including our payrolls and SARS submissions.”

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