How do you capture invisible losses?

[Starmix]

Because your business is huge you may not be able to see your business ' invisible losses? In your opinion how are you going to detect the invisible losses. Well, you may know it after an audit that is if you have an internal auditor. For small businesses like mine of course there is no internal auditor but I can do the auditing too.

After the auditing, it will be known if there is an occurrence of an invisible losses. If that happens who do you think will be the primary suspect?

 

[Min George]

As far as the invincible losses are not a threat to my business, it is quite easy to overlook those losses.

 

[Starmix]

As far as the invincible losses are not a threat to my business, it is quite easy to overlook those losses.

I agree with you on that, it is very easy to trace the culprit. It happened here in a famous bakery nationwide. One of the branches received many complaints letters regarding the contents of the bread. Those complainants have relatives in other branches and they said that the supposed contents of the sliced bread are 18 for small, 25 for medium, and 40 for large. The branch management installed a surveillance camera and it turned out that one of their workers had stolen two slices per pack and sold them in her home using a plain pack. She was arrested on the spot. She was doing it for almost three years.

 

[Hate2Wait]

Internal Audits do help. You can check all the bills and all the money you are spending. It will take time but it will give you an idea and internal satisfaction.

 

[Starmix]

Internal Audits do help. You can check all the bills and all the money you are spending. It will take time but it will give you an idea and internal satisfaction.

An internal auditor is expert on this matter. Any affairs in a certain office will be detected if ever fraudulent activities are done.

 

[Hate2Wait]

An internal auditor is expert on this matter. Any affairs in a certain office will be detected if ever fraudulent activities are done.

That's their work and that's how they earn and they won't overlook even a small mistake in accounting because this is how they are able to find bigger misses

 

[Starmix]

That's their work and that's how they earn and they won't overlook even a small mistake in accounting because this is how they are able to find bigger misses

They are hired because of their skills and qualifications. Being an auditor is not just an ordinary person, he or she is a graduate of Bachelor in Accountancy ,Masters in Business Administration , and a Certified Public Accountant. Indeed, they can find issues in a company or business.

 

[Hate2Wait]

They are hired because of their skills and qualifications. Being an auditor is not just an ordinary person, he or she is a graduate of Bachelor in Accountancy ,Masters in Business Administration , and a Certified Public Accountant. Indeed, they can find issues in a company or business.

Totally agree, if they are unable to find any mistakes then nobody will hire them so they are always eager to find mistakes LOL

 

[Starmix]

Totally agree, if they are unable to find any mistakes then nobody will hire them so they are always eager to find mistakes LOL

Many personnel officers were fired like the property custodian in my previous college, The internal auditor audited the school and it turned out that the college property custodian swindled almost one million pesos. He was forced to resign or else face the jail term.

 

[Hate2Wait]

Many personnel officers were fired like the property custodian in my previous college, The internal auditor audited the school and it turned out that the college property custodian swindled almost one million pesos. He was forced to resign or else face the jail term.

Yes they are involved in these sort of things too because in organisations like that, they are bribed by the higher officials as they are themselves involved in these frauds

 

[Starmix]

Yes they are involved in these sort of things too because in organisations like that, they are bribed by the higher officials as they are themselves involved in these frauds

The personnel office did not bribe the officials in that private college, but the wrong invoices were fraudulent. When he is assigned to purchase materials for school, he always told the company to add up in thousands, so the school is obligated to pay, but the fact was, the money was kept by the croc property custodian. The internal auditors called those stores and companies, and they told what they knew about the rocket of the college property custodian.

 

[Hate2Wait]

The personnel office did not bribe the officials in that private college, but the wrong invoices were fraudulent. When he is assigned to purchase materials for school, he always told the company to add up in thousands, so the school is obligated to pay, but the fact was, the money was kept by the croc property custodian. The internal auditors called those stores and companies, and they told what they knew about the rocket of the college property custodian.

These things happen everywhere when a person is authorized to deal in almost everything and there is nobody who reverify the bills, Glad the culprit was caught

 

[Starmix]

These things happen everywhere when a person is authorized to deal in almost everything and there is nobody who reverify the bills, Glad the culprit was caught

The property custodian was forced to resign without any compensation, or else he would be jailed. No schools or companies hired him. Until this time, he remains jobless.

 

[Augusta]

This is why it is very important to do auditing fir your business. you need to have it done to know some kisses

 

[Starmix]

Invisible losses will only be detected during an internal auditing. Though it takes days for them to finish their job but they always come with the real findings especially losses.

 

[Hate2Wait]

The property custodian was forced to resign without any compensation, or else he would be jailed. No schools or companies hired him. Until this time, he remains jobless.

This will be a lesson for them and also for others who were planning to do this to earn quickly and we should never look at these shortcuts to make money

 

[Starmix]

This will be a lesson for them and also for others who were planning to do this to earn quickly and we should never look at these shortcuts to make money

He was remorseful, but the amount he had forged was almost one million. He cannot pay back the money. He was given a chance not to get jailed by resigning voluntarily and receiving nothing.

 

[Hate2Wait]

That's a big amount and the punishment will be a lesson for him and others who were planning to do something like that to make more money

 

[Augusta]

Invisible losses will only be detected during an internal auditing. Though it takes days for them to finish their job but they always come with the real findings especially losses.

Sure they would always be able to cross the hurdles. They just need to spend time to do their jobs to find things out.

 

[Starmix]

Sure they would always be able to cross the hurdles. They just need to spend time to do their jobs to find things out.

Yes, mate, that is the duty of the internal auditor. They are also paid well. Through the internal auditors, many were already sent to jail for stealing money.