Five controls to prevent fraud in construction firms

Contractor Success Forum

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Even on a team that you trust, theft and fraud sadly occur too often when a company doesn't have the right internal controls in place. This week, we're sharing the top five controls you can begin implementing today to protect your business and yourself.
Topics we cover in this episode include:

• Common warning signs of theft or fraud
• Segregate duties related to financials
• Regularly review your financial statements
• Require employees to take time off
• Consider hiring an outside controller
• Implement controls on financial decisions
• How Profit First can help

LINKS
Visit the episode page at https://contractorsuccessforum.com/controls for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

챕터

1. Five controls to prevent fraud in construction firms (00:00:00)

2. Insurance policies to protect against fraud (00:01:31)

3. Audits don't always uncover fraud (00:03:24)

4. Don't give employees the opportunity to steal (00:05:11)

5. Segregation of duties (00:14:01)

6. Regular review of your financial statements (00:15:37)

7. Require employees to take time off (00:17:08)

8. Consider hiring an outside controller (00:18:38)

9. Having controls on financial decisions (00:20:30)

10. How Profit First can help prevent theft (00:22:01)