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FRAUD INVESTIGATIONS

Fraud can be defined as any intentional act or omission designed to deceive others, resulting in the victim suffering a loss and/or the perpetrator achieving a gain. Three factors are generally accepted as being necessary for a fraud to occur: pressure, opportunity, and the ability to rationalize illegal behaviour. Regardless of culture, ethnicity, religion, or other factors, certain individuals will be motivated to commit fraud. Therefore, only through diligent and ongoing effort can a company protect itself against significant acts of fraud. Key principles for proactively establishing an environment to effectively manage a company’s fraud risk include:

 

  1. Establish a Fraud Risk Management program that includes a written policy (or policies) to convey the expectations of the company regarding managing fraud risk.
  2. Periodically assess fraud risk to identify specific potential schemes and events that the company needs to mitigate.
  3. Establish prevention techniques to avoid potential key fraud risk events to mitigate possible impacts on the organization.
  4. Establish detection techniques to uncover fraud events when preventive measures fail or unmitigated risks are realised.
  5. Put in place a reporting process to solicit input on potential fraud. A coordinated approach to investigation and corrective action should be used to help ensure potential fraud is addressed appropriately and timely.
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At TaylorHay our Forensic Accountants and Certified Fraud Examiners can assist you reduce the risks of fraud accruing in your business through the establishment of Fraud Prevention Programmes  customised for your business.

 

For further information relating to our specialist services please contact us or call on +617 5631 9862.