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Some of the Problems Faced by Businesses in the UK

Uk business problems

Running a business in the UK comes with its fair share of challenges. From economic uncertainties to changing government regulations, businesses face numerous hurdles in their quest for success. In this article, we will delve into the problems faced by businesses in the UK and explore possible solutions to overcome them. Market Competition and Saturation […]

Why using a forensic accountant can save you time and money.

Forensic accountants for fraud and financial misconduct

Have you ever wondered how some companies uncover financial fraud and uncover hidden assets? The answer lies in the expertise of a forensic accountant. We use their investigative skills and financial acumen to unravel complex financial transactions, identify irregularities, and provide crucial evidence in legal cases. In this article, we will explore the success stories […]

Strategies to Mitigate Fraud Risk Part Two – Common types of fraud and red flags to watch out for

Strategies to Mitigate Fraud Risk Part Two - Common types of fraud and red flags to watch out for

Understanding the common types of fraud and the red flags associated with each can help businesses proactively identify and address potential risks. Embezzlement, for instance, involves misappropriation of funds by employees entrusted with financial responsibilities. Warning signs of embezzlement may include unexplained discrepancies in financial records, unusual cash transactions, or an employee leading an extravagant […]

The Benefits of Conducting CASS Client Money Account Audits

CASS Client Money Account Audit

Conducting CASS client money account audits offers a wide range of benefits for financial institutions. These audits not only ensure compliance with regulatory requirements but also contribute to the overall success and reputation of the institution. Let’s explore some of the key benefits associated with these audits. Enhanced client trust and confidence One of the […]

How do you get assurance that Client money is being properly managed Part Two

CASS client money account audits

CASS client money account audits  demonstrate their compliance with the Client Assets Sourcebook (CASS) rules and regulations, introduced by the Financial Conduct Authority (FCA). Lighthouse Consultants has been performing CASS audits for several clients and we would like to share some information on the importance on performing these audits.  From reducing the risk of misappropriation […]

Our success in finding solutions to common business problems.

Business advisors and auditors

Last year, we had an interesting project where we assisted a struggling company with their accounting system. The main issue was that there were numerous errors in the data that had been entered into the system. As is typical for many companies, they started to prepare journals at year-end to correct these errors in the […]

What is the impact of UK SOX Lite for your company Part 2

UK SOX lite compliance

Introduction The implementation of UK SOX lite compliance is set to have a significant impact on UK companies. This new regulation, inspired by the Sarbanes-Oxley Act (SOX) in the United States, aims to improve corporate governance, financial reporting, and internal controls within UK organizations. Key requirements of UK SOX lite compliance To achieve compliance with […]

Managing the Menace: Effective Strategies to Mitigate Fraud Risk in Your Business Part one

fraud, forensic, mitigate risk,

Fraud is a pervasive menace that can wreak havoc on businesses of all sizes and industries. It involves intentional deception or misrepresentation for personal gain, leading to financial losses and reputational damage. The impact of fraud can be devastating, causing companies to collapse and individuals to suffer significant financial harm. Therefore, it is crucial for […]

Conclusion of the importance of Risk Management

Risk management

In today’s fast-paced and uncertain business environment, effective risk management is essential for success.  By understanding and preventing key business risks, organizations can stay ahead of the game and protect their assets, reputation, and bottom line.  Through the systematic process of identifying, assessing, and mitigating risks, businesses can make informed decisions, seize opportunities, and navigate […]

Benefits of Proactive Risk Management

Risk management

Proactive risk management offers several benefits for businesses, including: Enhanced Decision-Making: By identifying and assessing potential risks, businesses can make more informed and strategic decisions. Proactive risk management provides a comprehensive view of the potential risks and rewards associated with various business activities. Financial Protection: Effective risk management helps businesses protect their financial assets and […]