Impact and Prevention of Inventory Fraud Essays

Impact and Prevention of Inventory Fraud Essays Impact and Prevention of Inventory Fraud Paper Impact and Prevention of Inventory Fraud Paper The Impact of inventory fraud can be expensive and affect an organizations reports. Inventory errors will not only affect the balance sheet but the Income statement as well. Errors from theft or fraud wealth the physical Inventory will misstate the costs of goods sold, gross profit, and net Income. If the losses from fraudulent are covered up, the organization will be misleading the government by not abiding by the fair disclosure responsibility, and basically guarantees unreliable ND false information within its financial documents. Prevention is the key to deter this type of fraudulent behavior. Strong controls. Policies that communicate theft will be prosecuted, and a hotlist can be introduced to this incidents. Since employees are at the heart of this problem, companies should have criminal and background checks on employees before they are hired. However, criminal and background checks do have there limitations, since the majority who steal may have never been caught. In addition, companies can also be checked to ensure that they have a valid tax id number, and that no complaints have filed with any agency such as Better Business Bureau. Random inventory checks instead of pre- planned inventory counts should be used. The inventory counts should match what is on hand to what is on record. In addition, to prevent collusion amongst employees during the inventory count the organization can change the personnel counting during this period. The shorting of shipments can be a tricky situation that may involve the supplier, delivery personnel, and the company employee. Control over the inventory should begin as soon as the inventory is received. A way to control fraud is by the use of pre-numbered receiving reports that are to be completed by the receiving department as soon as a shipment arrives. To make sure the inventory received is what is ordered, each receiving report should match the companys original purchase order for the goods. In addition, the price of goods on the purchase order, should be compared to price the vendor billed the company on the vendors Invoice. Lastly, additional security measures can be Implemented to prevent theft. For example, restricting unauthorized access, If business Is not operating the area should be locked, and when removing merchandise the use of requisition forms authorizing the removal of Items. In conclusion, Inventory fraud Is an expensive Illness that plaques companies worldwide. Inventories are essential for merchandising and manufacturing businesses. Prevention and Internal control procedures are needed to protect inventories from damage and employee and consumer theft. By genes as not being criminal, so where does it begin or where does it stop? There is no easy schemes may include management and its vendors/ suppliers. The impact of inventory fraud can be expensive and affect an organizations reports. Inventory errors will not only affect the balance sheet but the income statement as well. Errors from theft or fraud within the physical inventory will misstate the costs of goods sold, gross profit, and net income. If the losses from not abiding by the fair disclosure responsibility, and basically guarantees unreliable Prevention is the key to deter this type of fraudulent behavior. Strong controls, achieved is what is ordered, each receiving report should match the companys invoice. Lastly, additional security measures can be implemented to prevent theft. For example, restricting unauthorized access, if business is not operating the area should be locked, and when removing merchandise the use of requisition forms authorizing the removal of items. In conclusion, inventory fraud is an expensive illness that plaques companies worldwide. Inventories are essential for merchandising and manufacturing businesses. Prevention and internal control procedures are needed to protect

Pause Social Messages Control Your Social Strategy With CoSchedule

Pause Social Messages Control Your Social Strategy With You know the phrase â€Å"timing is everything.† Well..it’s especially  true for your social media strategy. And when there’s a national crisis or your website unexpectedly goes down†¦(yikes) Sending social messages that seem out of touch Or directing users back to a website that doesn’t work†¦ Wellit just can’t happen. 🙅 You’ve got a brand’s reputation at stake! If only you could stop social messages from sending WITHOUT deleting them (because TBH, those lil’ guys took some serious time to plan and create) Give yourself time to pivot to an alternate strategy†¦Ã‚  (i.e reschedule posts you need to skip and quickly create a few new, more appropriate messages) And then easily resume sending messages once the dust settles  (and show your boss you can handle anything  the social world throws at you). Too good to be true? Think again. Introducing Pause Social Messages from !  AKA the easiest way to pause and recalibrate your social message strategy (if the need should arise). With Pause Social Messages, you can: Quickly pause (and resume) your social messages.   Life isn’t predictable. With Pause Social Messages, you maintain control over *every* social message and can react fast to real-time events and time-sensitive situations. Easily reschedule skipped messages. Don’t let ANY social message go to waste (just because it wasn’t timely). Simply drag and drop your skipped messages to a new date on the calendar and voila!..it looks like you never missed a beat. 😠 Which means you stay in control of your social media strategy†¦. And know your messages are going out in the right way at the right time.