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This following a pledge by President Ramaphosa and the recent announcements by Public Service Minister Senzo Mchunu, and Public Works and Infrastructure Minister Patricia de Lille that the government will be conducting lifestyle audits on state employees and ministers. But what are lifestyle audits and what place, if any, do they have in the private sector?
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Corruption involves a wide range of activities including bribery and dishonest or fraudulent practices by relatively powerful people.
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Businesses and third parties share complex relations. While each will prioritise their own bottom line, they need each other in order to operate.
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With fraud representing one of the biggest threats to business, how can organisations best protect themselves and what should they do on discovery of a suspected fraud?
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Moving forward, lenders and businesses will need to be diligent in all vetting processes to protect themselves against both defaulters & potential fraudsters.
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Paying by electronic funds transfer (EFT) is so convenient for running one’s home or business
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Numerous risk management procedures can be employed in support of an organisation’s best interest. However, few practices are as significant as due diligence.