Financial Management: Detecting and Preventing Fraud in SMEs
SMEs need to establish strong internal controls, including regular financial audits, whistleblower systems, and fraud detection software, to prevent fraud. Encouraging a culture of honesty and accountability among employees, and providing them with regular training on fraud detection, is crucial in mitigating fraudulent activities. Regularly assessing relationships with suppliers and customers can uncover potential fraudulent activities early on. Fraud prevention …
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