Does your business' banking controls require more than one individual to approve bank payments?
Only for certain types of transactions
Well done! Having a second person review and approve bank payments is an easy and effective way to reduce the risk of internal fraud in your business.
URGENT ACTION REQUIRED: Allowing one individual to approve bank payments is exposing your business to potential instances of fraud. The good news is that changing the approval process is a relatively easy and effective way to reduce the risk of fraud.
ACTION RECOMMENDED: While it is good that you have some banking controls in place, there is still a risk of certain fraudulent payments going undetected. We recommend you reconsider whether your current process is adequate.
MGI is a full service accounting and business advisory firm offering a complete range of professional financial services from accounting to wealth management. Our accountants, advisers and auditors are business experts who strive to thoroughly understand our clients' goals to achieve business success. We have a firm commitment to personal service and building a trusting relationship with each and every client.
However the information contained in this questionnaire is general and is not intended to serve as advice. No warranty is given in relation to the accuracy or reliability of any information. Users should not act or fail to act on the basis of information contained herein. Users are encouraged to contact MGI South Queensland professional advisers for advice concerning specific matters before making any decision.