things people will do for their business

When one is hired/appointed to a new position in a new company, please keep your eyes and ears open to the following areas when you are being briefed on your new responsibilities by your new colleagues.

1. You should obtain an understanding of the business and its environment.
2. You should obtain an understanding of the business’s accounting processes.
3. Are there opportunities that controls may be incomplete, non existent or overrided?
4. What is the money flow for the business? Follow the money!
5. Focus on other key areas of potential risks in journal entries, accounting estimates and significant transactions.

Be careful.