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Business Fraud-what to watch for

Business fraud is much more widespread than many people think, causing annual losses in the billions of dollars in Canada. It can be conducted by employees, managers, officers, directors, suppliers, competitors or customers. Here are some of the "red flags" to watch for:

  • Unclear or poorly explained business activities

  • Unusual delays in receiving information

  • Transactions lacking normal documentation

  • Hand-delivered cheques

  • Customer complaints

  • Inadequate controls for computer systems

  • Employee living beyond means

  • Personal financial losses

  • Change in personal circumstances

  • Outside business interests

  • Employee who rarely takes vacations

  • Someone with a close association to suppliers or competitors

  • Constant crisis conditions within the company


If you suspect a possible fraud, there are some initial steps you can take before getting involved with the substantial cost of a full-blown investigation. You need to start by documenting all the facts and preserving all evidence related to these incidents. You can involve the Corporate Accountant but only if this individual is clearly not involved in the suspected fraud.

Please contact Simkover and Associates at 905-943-4046 if you need further assistance in relation to this topic.Click here for additional contact information

Business Fraud-what to watch for- Simkover and Associates Chartered Accountants

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