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Case Study: Vendor Fraud at XYZ Manufacturing Company

Background XYZ Manufacturing Company, a mid-sized manufacturing firm, produces electronic components for the automotive industry. The company has a robust supply chain, sourcing raw materials from vendors across the globe. For years, XYZ maintained good relationships with its vendors and never experienced significant issues related to fraud. However, in 2023, the company became a victim of vendor fraud, which resulted in financial loss, reputational damage, and operational disruption. The ...

Case Study: Payroll Fraud at XYZ Manufacturing

Background: XYZ Manufacturing is a medium-sized company specializing in automotive parts, with 300 employees working across its production and administrative divisions. The company processes payroll bi-weekly, using an internal HR and payroll team. Fraud Discovery: Over the past few months, the company noticed a gradual increase in payroll expenses, even though there had been no significant hiring or overtime. An internal audit was conducted, revealing a discrepancy between the reported numbe...

Ensuring Accurate Vendor Payments: Best Practices for Companies

  Ensuring Accurate Vendor Payments: Best Practices for Companies One of the most critical aspects of managing vendor relationships in any business is ensuring accurate and timely payments. Paying the right vendor the right amount not only strengthens partnerships but also helps avoid costly errors, penalties, and disputes. Here's how companies can implement strategies and practices to make sure they are paying the right vendor the right amount. 1. Establish Clear Contracts and Terms ...

Preventing Payroll Fraud: Key Risks and Effective Control Measures for Your Business

Preventing Payroll Fraud: Key Risks and Effective Control Measures for Your Business A. What is Payroll Fraud? Payroll fraud occurs when employees use false information, documents, or various schemes to unlawfully receive payments from the company. Without proper control measures, payroll fraud can go unnoticed for extended periods, leading to significant financial losses for companies. According to the Association of Certified Fraud Examiners (ACFE), payroll fraud accounts for 7% of all i...

Emerge stronger from disruption

Emerge stronger from disruption Risks are inevitable. It’s whether a company takes, and mitigates, risks intelligently to grow and thrive that sets leaders apart.   Companies have an opportunity to build compliance programmes that support businesses in maintaining trust and building resilience, contributing to the confidence to transform, invest and grow. With the right data and insights, risks can be taken with confidence.   Here are key strategies to consider:   1. Imple...