Do your current finance and management reports provide you with the information required to monitor your performance against strategy?
How accurate is your business forecasting?
Do you actively manage your cash flow to safeguard cash and maximise returns on excess cash?
These are simple but often overlooked issues.
Business Cases and Due Diligence
Important business decisions require a robust business case and due diligence.
This should include detailed financial forecasts which include sensitivity analysis against key assumptions as well as the broader strategic reasons for the recommendation.
Many businesses do not have the resources or specialist capability to prepare robust business cases to a tight timeframe.
Often external stakeholders such as banks and investors require that the business case is either prepared independently or has been independently tested and audited. This independent assurance is also useful for Boards who require assurance over the integrity of the business case and underlying assumptions.
Fraud Prevention and Detection
Fraud can be devastating to business. As well as the significant financial loss, it can also damage the organisation’s reputation and destroy morale, not to mention the increased scrutiny from regulators.
A sounds system of internal control is the first line of defence against fraud. This should be supported by an anti fraud policy which sets out in plain language what fraud is and standards of behavior expected from staff and other stakeholders. Any stakeholder that suspects irregular activity should have a clear pathway for reporting this confidentially (sometimes known as a "whistle blower" policy).
If you suspect a fraud, it is important to seek independent advice as soon as possible. This will make sure that a sound process is followed for safeguarding assets, complying with regulatory obligations, protecting evidence and investigating the matter according to the principles of natural justice.
Founded by a Chartered Accountant, RH Advisory can help protect and enhance your financial reputation