Fraud impacts organizations across a spectrum of ways; not only in financial reporting, but also reputational, in operations, involving legal issues and psychological implications. It’s imperative for organizations to have a strong anti-fraud program that includes fraud management, awareness, deterrence and response in addition to prevention, and detection programs.
Every organization should identify opportunities to commit fraud and other fraud risk factors by conducting periodic fraud risk assessments which go beyond financial reporting fraud addressed by Sarbanes-Oxley type controls and procedures.
Fraud risk assessments can range from an enterprise-wide fraud risk assessment to a scheme and scenario based assessment of specific processes. A properly developed fraud risk assessment provides a customized roadmap to develop response activities, guide improvements and provides a basis to develop data analytics tests to detect fraud.
We can develop a fraud risk assessment based on your needs addressing specific fraud schemes inherent within your organization. Once specific fraud schemes and their various red flags of concealment are identified, we can develop data analytics tests to identify transactions displaying indicators of fraud.
