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Employee Fraud in the UK - Essay Example

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The paper “Employee Fraud in the UK” will look at the process of examining the financial statements to be able to prove whether the company’s affairs are true and fair. Auditors who conduct auditing should be independent of all the stakeholders in the organization…
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Employee Fraud in the UK
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This will ensure that they are correct and functioning in the right manner. 1. The auditors should help the management device means of preventing the fraud. The management should also put an internal control system that will help them prevent and curtail the fraud. This can be achieved by encouraging employees’ rotation in their duties. This will help remove the employee colluding with the customer from her position and hence will not have to give the customer the goods. This will also ensure that there is no collusion among the employees themselves to defraud the organization.

To prevent further fraud resulting from the employees colluding with the buyers the organization should also ensure that the employees are paid well and are put under close supervision. They should also mechanize the system and allocate various people specific duties to minimize theft. For example, one worker should be charged with making the products inventory while another one is mandated with collecting money from the customers. At the end of the day, these two should balance the sales with the money they had gotten to identify any mistakes that would have occurred and when they occurred and who was responsible.

The audits should also be carried on a regular basis to ensure that proper records are kept any fraud is identified at an earlier stage. This will make individual employees more responsible and hence avoid the high rates of fraud in the company. 2. The auditors’ should recommend to the company to have honest employees in the supervisory level. The employees should be qualified, competent and efficient. They should also be well remunerated and should be allowed to develop themselves. This will help employees associate with the company and hence reduce the cases of fraud.

The management should also make the employees aware of the levels of fraud taking place in the company. They should also conduct surprise internal audit and job rotation so that they can make employees shun from committing irregularities. This will make employees more cautious and hence reduce rates of fraud. The organization should also hire a human resources manager who will hire and fire employees and will regulate the employees pay. The human resource manager will have all the serial numbers documented and clock cards and time sheets that will be used to record time.

These clock times and the time sheets will be provided and approved for payments. The payroll should be approved by the top management committee. After the payments have been made, a thorough check should be done on the documents against the payments to ensure that they are in agreement. All the deductions that have been made during the checks should be documented. The monthly payroll should also be reconciled by an independent clerk. 3. The company should restrict the number of people handling the cash and ensure the returns are filed daily.

The accounts should also be reconciled frequently, and the clerks handling any cash should be supervised.

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