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Pan-Oceanic Engineering Co., Inc.

Mitigating the risk of fraud

A small business needed a third party to assess its finance processes, identify potential security gaps and help it improve internal controls.

The Challenge

Pan-Oceanic Engineering wanted to make sure the company’s finance-related processes were strong and that appropriate checks and balances were in place to prevent fraud. But as a small business owner, the president couldn’t afford to take his focus off growing the business.

The Solution

Wipfli completed a fraud prevention checkup to assess the engineering firm’s internal controls and identify any weaknesses that a fraudster could manipulate. The checkup started with staff interviews to help Wipfli understand day-to-day processes, policies, procedures and internal controls. Wipfli also reviewed reports from the firm’s billing and accounting system and performed a thorough risk assessment.

I can count on the Wipfli team to doublecheck that what we’re doing is right. It’s a great collaboration and partnership.
Gulzar Singh, president at Pan-Oceanic Engineering Co., Inc.

The results

Based on Wipfli’s findings, Pan-Oceanic upgraded its positive pay system with its bank to mitigate risk. The company started to consistently review its vendor list and remove inactive accounts. And it plans to create an ethics policy and training for employees. By proactively lowering the company’s fraud risk, Pan-Oceanic leaders also gained peace of mind.