Preventing fraud in qsr operations
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Facing a lull in the global financial landscape, retail and manufactoring sector, F&B has been anti-cyclical and constantly hiring. There has been opportunities for employee misappropriation. Going through what can go wrongs in operations and clever use of controls, fraud can be prevented by middle/senior management.
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Preventing fraud in qsr operations
- 1. PREVENTING FRAUD IN QSR OPERATIONS Pamela Prudence ACFE Asia Pacific Conference - Nov 2016 Marina Bay Sands Singapore
- 2. INTRODUCTION 2009 – mid 2016: views from the ground Industries Hiring in Singapore 1. Security 2. Logistics 3. Food and Beverage 4. Government 5. Retail 6. Banking and Finance 7. Trading 8. Healthcare
- 3. FRAUD DEFINITIONS Fraud by employees – theft of cash, theft of food supplies Fraud by management – ghosts employee attendance, agency problem (misreport of sales and performance), misrepresentation of financial report Fraud by public – cash and other valuables
- 4. QUICK SERVICE RESTAURANT (QSR) • Fast Food • Minimal Table Service • Examples – McDonalds, Burger King, Mos Burger, Carl’s Junior, Long John Silvers, KFC, Han’s • Examples (Not QSR) – Swensons, Western Food @ coffeeshop • Question: Central Kitchens, Hawker Food & Food Courts, are they QSR?
- 5. DAILY OPERATIONS FLOW Preparation ClosingService See workflow diagram attached
- 6. DAILY TRANSACTIONS FLOW Opening ClosingSales See workflow diagram attached
- 7. INVENTORY PROCESS Place order Use stockReceive goods See workflow diagram attached
- 9. YEARLY ACTIVITIES Audit – Operations, Franchisor, Food and Hygiene (internal), Spark Taxation – Estimated Chargeable Income (ECI), Tax payable, Tax Rebates Financial Reporting – SEC 10K, SGX Management Reporting & Budgeting What (is typically the period) and when (is the best time)?
- 10. CONTINUAL IMPROVEMENT Kaizen, JIT, Food Costing, Waste Management, Pull/Push Inventory Management Team Building/Bonding Ensuring food quality, consistency What we have done well Any other problem areas – Set A: are we clean enough, are our staff motivated enough, are our customers glad they came Set B: are we profitable, are our menus updated, do our outreach programs work, unit contribution margin by product
- 11. FINAL NOTES Culture drives behaviour Delegation and Risk Management Clever use of technology
- 12. Q&A Quality & Assurance Queue & A (NEA Grading)