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James Millar
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bb1, post: 246281, member: 53375 wrote:
John, thats why i always shudder in fear when bookkeepers or accountants come on here and say leave the financials to us and you go off and play with what ever you are an expert at. Its an occurence that seems to happen to often.

And unfortunately your comment re the police is correct, i can walk into kmart and steal a $1.00 item and be arrested and charged, but my book keeper can rip me off for a bundle and its a civil action. Not the polices fault, its the law of the land.

Most of the problems arise with poorly supervised internal bookkeepers, accountants or quasi accountants. Those people tend to have a high degree of control and access to business assets (often bank accounts but sometimes other assets). It is far more rare for an external professional accountant or adviser to commit any sort of fraud on a client. One of the big reasons being that external accountants rarely ever have access or control over the clients banking or assets.

Whilst you hear about these events I think its still exceptionally rare. Fraud risk needs to be managed with all employees.

If you are in business it would still be far wiser to engage a professional accountant to oversee and prepare year end financial reports and tax obligations and advise on other major financial business transactions (as opposed to taking a DIY approach out of fear of some form of fraud being perpetrated by a professional accountant).

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