During the holidays, many people take the opportunity to share their time and talents with others. For example, TeamMate staff members from Wolters Kluwer in our Tampa office recently participated in various volunteer activities, which included stocking shelves with food and supplies at the Metropolitan Ministries Holiday Tent and packing meals (more than 8,000) for Meals of Hope and Feeding Tampa Bay. Acts of kindness like this are everywhere this time of year.
.Unfortunately, some people see the holidays as a perfect opportunity to take advantage of others. In any organization, the holiday season could bring numerous additional fraud risks and fraud indicators that businesses and their auditors should bear in mind.
Many of these risks are inevitable and prevention can be difficult. Because of this, it’s a good idea to step up detective controls throughout the period, and when the holiday season is over. Some fairly simple data analytics with a tool like TeamMate Analytics can pick up most of the risks described above with very little effort.
Finally, make sure that people know that you’ll be keeping an eye out for unusual activity over the period to prevent it happening in the first place!
Stefan is the co-founder of TeamMate Analytics and an expert on the application of Data Analytics to Audit. He started his career with KPMG in the UK, working in External and Internal Audit for a huge range of clients from small owner managed businesses to global FTSE100 companies, including many well-known Manufacturers, Retailers and Financial institutions. Here he developed his data analysis skills, using them to improve audit quality, efficiency and client value. He left KPMG to join the TeamMate Analytics team and develop the product into what it is today. As the product owner for TeamMate Analytics, Stefan works with customers around the world to help them implement and apply analytics in their audit functions, and develop easy-to-use solutions to their challenges.