Skip to main content
Locations
Careers
Blog
Contact
Subscribe
ADVANCED SEARCH
Firm
Practices & Industries
People
Attorneys
Other Professionals
Search All
Clients & Cases
Ice on
Fire
insights
Firm
Practices & Industries
People
Attorneys
Other Professionals
Search All
Clients & Cases
Ice on
Fire
insights
Overview
News
Press Releases
Publications
Blog
Events
Ice TV
Subscription Center
More
Overview
News
Press Releases
Publications
Blog
Events
Ice TV
Subscription Center
< back
download
share
February 6, 2017
Professionals
Timothy Belevetz
Tim Belevetz Quoted in
Washington Technology
: "Early Lesson from NCI Breach: Double Check Financial Oversight"
Timothy Belevetz
was quoted in the
Washington Technology
article,
"Early Lesson from NCI Breach: Double Check Financial Oversight."
The article included:
In light of any breach, companies should be taking a look at their internal controls.
There are a number of examples of how companies can strengthen their internal controls, said Timothy Belevetz. One example is segregating duties with respect to the custody of assets. This way, no single individual should be in a position to both commit and conceal the fraud, Belevetz said.
Another example is to review and authorize expense reimbursements. "There should be a requirement to provide supporting documentation," he said.
A third example is the reconciliation of bank accounts, Belevetz said. "This identifies any discrepancies between the company’s cash balance according to its balance sheet and its bank statements. Again, there should be a separation of powers. Those who sign the checks or authorize electronic payments should not be those who do the reconciliations," he said.
Other examples include a fraud hotline, where employees can report misconduct anonymously, having an independent and empowered audit committee whose role is to direct, monitor and evaluate internal auditors, and conducting periodic fraud risk assessments, Belevetz said.
Click here to read the full article.
Authors
View Full Site
View Mobile Optimized