Pub. 12 2013-2014 Issue 2

N e w J e r s e y C o a l i t i o n O f A u t o m o t i v e R e t a i l e r s s u m m e r 2 0 1 3 32 new jersey auto retailer propriate internal controls and financial reporting processes to detect fraud in the early stages and consistently monitor these processes. Appropriate staffing can help reduce fraud as well, particularly when a dealership can properly segregate duties among various employees so no one individual retains too much control. Limit the incen- tive to commit fraud by setting realistic financial targets and expectations for personnel. Finally, when corrective ac- tions need to be taken, they must be done in a decisive and timely manner. There is no single solution that can prevent all fraud. Use prop- er internal financial reporting, have good internal controls based on what you can af- ford, be diligent, analyze your results, look for irregularities, and seek advice from someone who understands the financial workings of your business. Taking these steps should minimize your risk. There is always going to be a potential for fraud. A dealership’s best course of action is to keep its impact to a minimum. Larry A. Weiner, CPA, is the Managing Partner of Weiner LLP in Montvale, New Jersey. He can be reached at 201-746- 9700 ext. 305. fraud  continued from page 31 Limit the incentive to commit fraud by setting realistic financial targets and expectations for personnel.