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Daily Fraud Fact: Have Strong Internal Controls

Limit Opportunities for Fraud.

The most effective way to decrease fraud is to limit opportunities by implementing strong internal controls.

What are Internal Controls?

Internal controls are all the plans, methods, policies, and procedures put into place to ensure predictable and organized results. In other words, to provide reasonable assurance that what management wants to happen will, in fact happen, and what they do not want will not happen. Management implements internal controls to reduce the opportunities for someone to commit fraud without being detected.

Fraud Prevention Controls.

Examples of effective fraud-prevention controls include: Adequate separation of duties Authorizations and approvals Routine management reviews Written Code of Conduct/Code of Ethics policies Formal, documented risk assessments Proactive data monitoring and analysis Periodic job rotations Regular employee training on fraud prevention and detection Formal reporting channels and hotlines.

Check back tomorrow when we will talk about your responsibility to report suspected fraud, waste, and abuse.

Thanks for your commitment to helping prevent fraud in Minnesota State Government.

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