Fraud Prevention

Elements of an Anti-Fraud Program

  1. Fraud Risk Assessment

    • Identify fraud risk factors
    • Evaluate pertinent corporate fraud scenarios
    • Assess likelihood of occurrence and resultant impact on the organization
    • Identify control gaps
    • Recommend control enhancements

  2. Fraud Education

    • Provide fraud awareness training so that employees and management can recognize warning signs of employee misappropriation fraud, financial statement fraud and corruption
    • Discuss the availability of e-learning and live training options

  3. Ethics Awareness and Education

    • Conduct ethics assessment
    • Provide advice on code of ethics
    • Provide ethics education
    • Establish and evaluate ethics helpline

  4. Mechanisms for Reporting and Investigating Fraud

    • Assess effectiveness of complaint reporting mechanisms
    • Establish investigation protocol
    • Develop case management system

  5. Background Investigations

    • Develop detailed and comprehensive information from public and private sources about an individual’s or entity’s background
    • Identify risk-relevant issues
    • Discuss hidden risk factors with clients and ways to mitigate or manage such risks

  6. Board and Audit Committee Oversight

    • Recommend proper organizational and departmental charters
    • Provide training on oversight of whistleblower hotline and internal investigations
    • Provide fraud prevention and risk awareness training