Article
Protect your transportation and logistics company from fraud with SCORE!
Aug. 3, 2022 · Authored by Mark Meier, Jesse Proctor
Completely eliminating the risk of fraud isn’t possible, regardless of which measures a company employs. However, intentionally evaluating accounting processes, procedures, and other areas can help reduce exposure, providing business owners greater peace of mind.
Identifying and closing operational gaps that employees or people outside the company could use to commit fraud or theft isn’t foolproof, but it can make it significantly more difficult to perpetrate the fraud — enough to look for easier alternatives elsewhere.
Fraud and theft may make headlines, but many transportation and logistics companies do greater damage to their long-term financial health by neglecting everyday issues that can result in outdated policies, inadequate controls, and operational inefficiencies.
Systems control and operations risk evaluation (SCORE!)
SCORE! is a diagnostic tool for your systems, processes, and efficiencies. A SCORE! engagement is customizable to different settings and circumstances.
Assess organization processes
The tool can focus on specific operational areas, such as revenue, cash receipting, or disbursements. You select for analysis only those processes that are most relevant to your organization.
SCORE! can help identify and avoid costly errors due to lack of attention and improper application of processes or procedures. It can offer an economical and flexible approach to evaluating business processes, led by a group of consultants and CPAs who are knowledgeable about your business.
Five benefits of evaluating processes and procedures
There are five distinct benefits to evaluating business processes and procedures to help your organization reduce risk.
SCORE! Benefits
How does SCORE! Work?
A SCORE! consulting engagement would evaluate specific control cycles of your company. The resulting practical report outlines selected elements of your current control structure and compares it to a best practice.
Related sections
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.
