CAI-NJ March 2017

FRAUD... from page 33.

charges, or unknown transactions the Board has the right and responsibility to follow up with those issues. Summary It is clear that fraud can happen with- in any organization and it is important to keep a watchful eye over all the financial transactions. This can be accomplished by installing a system of good internal controls which provide appropriate oversight and segregation of duties. It is equally important to select an auditor which has a thorough understanding of how association’s operate and that utilize the most up to date auditing techniques to be most effective in detecting and preventing fraud. Vigilance is Key!! Please feel free to contact me or your Wilkin and Guttenplan advisor with any specific issues, questions, or concerns. n

procedures that association board may want to consider are: • Direct board approval and authori- zation of all contracts and invoices • Board review of monthly accounts receivable and monthly revenue reconciliations • Board review of monthly accounts payable aging • Board review of monthly paid invoice listing Monthly bank statement and recon- ciliation review by the board. As a note, the bank statement should not be reconciled by the same person that deposits funds or signs checks The key with all policies, if there are any unexplained differences, unusual

• Complete Janitorial • Carpet Cleaning • Hard Floor Care • Construction Clean-up • Handyman Services • Porter Day Service •Day Maid Service Our uniformed, bonded cleaning staff is trained and ready to help you... We ensure the quality of their work through close supervision and inspections and detailed record keeping. We adapt quickly to changing client demands, including finding creative ways to reduce costs without sacrificing service. And we are a leader in the use of green products to help protect the environment. Total Janitorial and Building Maintenance for Condominium & Homeowner Associations!

Contact us today for a FREE consultation

888-876-STAR or email Neil Betoff at nbetoff@starbuildingservices.com

49

M A R C H , 2 0 1 7