Financial Controls

14th September 2015

Pay Suppliers Electronically: Beware fraudsters.
Do you hold your suppliers bank details on file – one tactic recently used by fraudsters is to advise businesses of changes to a supplier’s bank details, they then wait until a genuine purchase invoice is paid. Unfortunately because the supplier’s bank details are compromised, the payment goes to the fraudster.

To protect against this there needs to be robust internal control routines for changing bank details, perhaps including a phone call to the suppliers using an independently obtained telephone number.

Other items in Audit and Assurance
Ben Kilby
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Ernesta Petkeviciute
29th June 2020 Guidance on pension scheme financial reports and audit featuring Covid-19

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Jaimie King
14th April 2020 Covid-19 and stock-take attendance

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Jaimie King
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Jaimie King
7th June 2019 Digitalising stocktaking

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Jonathan Moore
6th June 2019 Don’t take record keeping for granted

It is common for entities who undertake research and development to receive grant funding for projects that they undertake. Grants will often be paid on the basis of expenditure incurred or a proportion thereon and may be awarded with certain conditions attached.   One such condition for grants above a certain level will be the…