Mon, Jun 30, 2014

Trust, But Always Verify: Practical Advice for the Closely Held Business

In the vast majority of cases, the primary factor contributing to becoming a victim of fraud is misplaced trust. Closely held businesses are especially vulnerable because of an inherent conflict between convenience, trust and loyalty on the one hand, and the implementation of adequate internal controls on the other. When trust outweighs reasonable caution, trouble can follow, leaving businesses and their principals vulnerable to financial improprieties.