Internal Cash Fraud Audit

Audit firms are ready for providing services for this cash fraud, since a lot of SME(Small and Medium Entity) worried about this fraud since there is a systematic segregation issues because of lack of manpower.

This process is very simple like; Order process/receiving/payment, usually just a one person or 2 do it all in SMEs.

To prevent proactively, you need to check your payment periodically, the following is the things I recommend;

1. Register your mobile(Korean mobile) at the bank, so any withdraw will be texted to your mobile on real time

2. Take a multi-level approval system in internet banking

You can apply this approval system at the bank, so you can check the all of details including the final beneficiary's name of the each transfer correctly.

3. Download those transaction record(이체결과내역) periodically, so you can check the final destination of your transfer.

For No. 1, you can see the amount withdrawal and the memo inputted but can't see the real final destination info. or beneficiary.

These 3 things are very practical and cost effective to prevent a simple cash fraud in your entity.

Any questions, please feel free to send me an email to jz@taxjz.com