|Joanna A. van der Vant Provides Advice on How to Prevent Fraud|
|Joanna A. van der Vant has several decades of experience in accounting and real estate spanning the globe.|
|Joanna A. van der Vant Describes Methods of an Inventory Audit|
|According to Joanna A. van der Vant, inventory and asset management is challenging for business accountants, since both can be heavily targeted by auditors.|
|Joanna A. van der Vant Identifies Additional Areas for Control Points|
|Joanna A. van der Vant is currently in the accounting department at SOL Property Management, where she handles accounts payable, accounts receivable, budget, and more.|
According to Joanna A. van der Vant, errors cost companies thousands of dollars or more each year. An accountant for Sol Property Management in Chicago, Joanna A. van der Vant advises clients on the best ways to prevent costly errors among employees. Fraud can be one of the most difficult but costly financial management issues within a company. Van der Vant says that education is vital to preventing fraud in accounting. Below are some of the most common instances of fraud, according to Joanna A. van der Vant.
- Cash theft—Whether it’s a few dollars from petty cash or pocketing receipts from customers or clients, cash theft poses a serious problem. Still, as Joanna A. van der Vant points out, the amount stolen is usually small in comparison to the amount spent on controls to prevent it.
- Investment theft—Far more disastrous than cash theft is theft of investments. Entire investment accounts can be wiped out before anyone is aware of it, Joanna A. van der Vant cautions. Great care should be taken to put controls in place to prevent this.
- Expense account falsification—Your employees turn in expense reports and may even attach receipts, but how can you be sure those records haven’t been doctored? Joanna A. van der Vant emphasizes that controls for this type of fraud can be costly and difficult to implement, so be sure the amount you’re losing outweighs the cost to police it.
- Incorrect financial information—Deliberately misleading investors can affect a business’s stock price. Internal audits can help offset this, asserts Joanna A. van der Vant.
- Theft of inventory—Whether the theft is something as expensive as a laptop computer or as inexpensive as ink pens from the supply room, these losses can add up, according to Joanna A. van der Vant. Limiting access to areas where equipment and supplies are stored and employing security guards are two ways Joanna A. van der Vant has found to help reduce loss.
- Employee debt—If employees get advances on travel expenses or pay they may upon occasion forget to pay them back unless asked, Joanna A. van der Vant warns. Controls should be put in place to track those loans.
- Kickbacks—If left unchecked, purchasing staff may receive kickbacks from suppliers in exchange for continued business, Joanna A. van der Vant advises. According to Joanna A. van der Vant, those kickbacks can be in the form of cash or gifts and may result in a business paying more than it should for those items.
Joanna A. van der Vant is an accountant who is currently pursuing her CPA and Master of Accounting and Financial Management. In her position at Sol Property Management, Joanna A. van der Vant handles accounts receivable and payable, budgeting, and more.
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