6 Methods to Implement in Detecting Workplace Fraud

In these economically stressful times, pressure and incentive to perpetrate fraud are more plentiful. Employers must address fraud risk more rigorously than ever before. Annual communication with the entity’s auditor can help pinpoint areas of higher risk.  Once identified, these areas can become the focus of management brainstorming sessions to develop processes to heighten awareness …

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10 Easy Tips to Prepare for Your 401(k) Audit

If your company’s 401(k) plan requires an audit this year, here are ten things you can do to help you prepare for, and pass your 401(k) audit. 1. Gather all plan documents including new amendments that were made during the current year.  Your auditor will ask for them, so you might as well pull them together …

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Auditor General Fraud Alert – Billing Schemes

The Office of the Auditor General for the State of Arizona recently issued a fraud alert regarding common billing schemes. The Alert cites a 2010 study done by the Association of Certified Fraud Examiners that indicated most misappropriation schemes involve the theft of cash receipts or involve fraudulent disbursements of cash. The study also indicated …

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Are You Ready for Your Year-end Inventory Count?

It’s one of the most dreaded days of the year for many of you…physical inventory day.  This can be a frustrating and time-consuming process with numerous obstacles, though with the proper planning you can make the physical inventory process run smooth and efficient. Inventory preparation – There is a lot you can do ahead of …

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Adoption of A Capitalization Policy

One of the ways a Henry & Horne auditor can add value to a client’s audit, is to provide recommendations for client staff economies in bookkeeping.  Over the past year, one of the recommendations that I have been able to make is the following: In small governments (e.g. Special Districts), an often overlooked item is the …

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A Few Do’s and Don’ts for Benefit Plan Administrators

DO – educate your employees DON’T – try to give investing advice DO – have a trusted advisor, whether this is your TPA or an investment advisor. DON’T – rely exclusively on your TPA or investment advisor. DO – make sure your providers continue to “pass muster” (read their SAS 70 audit reports) DON’T – …

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Choosing A Forensic CPA

The American Institute of Certified Public Accountants defines forensic accounting as “(T)he ability to identify, collect, analyze, and interpret financial and accounting data and information; apply the relevant data and information to a legal dispute or issue; and render an opinion.” (1) CPAs are often hired by clients and attorneys to conduct forensic accounting procedures …

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What Does One Look for When Reviewing A SAS 70 Report?

When one receives a third party administrator’s SAS 70 report, there are a few things he or she should know about the information that is being provided to them in order to gain the maximum benefit from reviewing the report. There are two types of service auditor’s reports. The two types of reports provided in …

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