4 Critical Reasons Startups and Smaller Organizations Need Internal Control
I often hear from practitioners that many of their small business and startup clients lack an adequate and effective system of internal control. In fact, the Association of Certified Fraud Examiners’ recent Report of the Nations on Occupational Fraud and Abuse found that small organizations implemented anti-fraud controls much more sparingly than larger organizations. Additionally, the report found that the median loss incurred by small and large organizations due to fraud was the same, but that the impact on smaller organizations was much greater due to their smaller size. Since small companies such as startups are often hit hardest by fraud, it is critical that they develop adequate anti-fraud controls at their organizations. Outlined below are a few of the many significant benefits of a strong internal control system.
Continue reading "4 Critical Reasons Startups and Smaller Organizations Need Internal Control" »