Protection against fraud

Protection of the Corporations funds should be first and foremost for both boards and management.  On the issue of protection against fraud one should also consider protection for the management company.  The management company is responsible for the maintenance, reconciliation and reporting of transactions in and out of the Corporations bank accounts.  They should also have the ability to control who can and cannot draw funds against the account.

There are corporations who require 2 board members signatures on any cheques issued.  A good start to monetary controls, but what protection does that offer the management company?

Proper financial controls should start with, at minimum, one signature from management and one from the Corporation.

Any additional thoughts?