The document provides an overview of fraud prevention and detection. It discusses the three main categories of occupational fraud, red flags for fraud, and the fraud triangle. It then summarizes the key findings of the 2014 ACFE Global Fraud Study. Finally, it outlines the 7 keys to fraud prevention and detection, which include establishing an anti-fraud culture, implementing fraud policies and training, assessing fraud risks, investigating fraud concerns, and improving internal controls.
On December 5, 2013, Ron Steinkamp, principal, government advisory services at Brown Smith Wallace, presented at the 2013 MIS Training Institute Governance, Risk & Compliance Conference. Ron focused on the following keys to fraud prevention, detection and reporting:
1. Anti-fraud culture
2. Fraud policy
3. Fraud awareness/training
4. Hotline
5. Assess fraud risks
6. Review/investigation
7. Improved controls
The presentation provides overall insight of operational fraud risk management. It explains the operational fraud risk and mitigation strategies. The role of Internal audit and audit committee is further exemplified
On December 5, 2013, Ron Steinkamp, principal, government advisory services at Brown Smith Wallace, presented at the 2013 MIS Training Institute Governance, Risk & Compliance Conference. Ron focused on the following keys to fraud prevention, detection and reporting:
1. Anti-fraud culture
2. Fraud policy
3. Fraud awareness/training
4. Hotline
5. Assess fraud risks
6. Review/investigation
7. Improved controls
The presentation provides overall insight of operational fraud risk management. It explains the operational fraud risk and mitigation strategies. The role of Internal audit and audit committee is further exemplified
The slides provides fundamental understanding of concepts, principles and issues in fraud risk management. It is a comprehensive summary of general knowledge and understanding about the fraud risk management.
A review of common fraud areas that occur in closely held businesses, how to prevent them and what your legal remedies are if you are a victim of fraud.
The initial stage of the supply chain process is the planning stage. We need to develop a plan or strategy in order to address how the products and services will satisfy the demands and necessities of the customers. In this stage, the planning should mainly focus on designing a strategy that yields maximum profit.
For managing all the resources required for designing products and providing services, a strategy has to be designed by the companies. Supply chain management mainly focuses on planning and developing a set of metrics.
1.4.2) Develop (Source)
After planning, the next step involves developing or sourcing. In this stage, we mainly concentrate on building a strong relationship with Develop of the raw materials required for
production. This involves not only identifying dependable suppliers but also determining different planning methods for shipping, delivery, and payment of the product.
Companies need to select suppliers to deliver the items and services they require to develop their product. So, in this stage, the supply chain managers need to construct a set of pricing, delivery and payment processes with suppliers and also create the metrics for controlling and improving the relationships.
Finally, the supply chain managers can combine all these processes for handling their goods and services inventory. This handling comprises receiving and examining shipments, transferring them to the manufacturing facilities and authorizing supplier payments.
1.4.3) Make
The third step in the supply chain management process is the manufacturing or making of products that were demanded by the customer. In this stage, the products are designed, produced, tested, packaged, and synchronized for delivery.
Here, the task of the supply chain manager is to schedule all the activities required for manufacturing, testing, packaging and preparation for delivery. This stage is considered as the most metric-intensive unit of the supply chain, where firms can e gauge the quality levels, production output and worker productivity.
Forensic accountants use many tools to fine tune their fraud investigation process, yielding useable results during any fraud investigation. Learn more here.
This presented is aimed at AML/CTF practitioners who would need quick reminders of the basics of AML. Tools are not very useful if the underlying basics are unknown.
Most companies have ethics and compliance policies in place and those policies usually include training for employees. That training typically includes material about policies prohibiting discrimination and harassment, bribery and excessive gift-giving. But it usually does not teach employees how to recognize signs of fraud and how to report them.
Employee fraud awareness training is one of the most important ways your company can protect itself from fraud which, according to the Association of Certified Fraud Examiners, costs the average company five per cent of its revenues every year.
This guideline takes you through a step-by-step guide on how to conduct a money laundering business risk assessment. The slides consider each core division of an aml risk assessment.
Risk Management and Security in Strategic PlanningKeyaan Williams
This content was originally presented to the DFW chapter of the Society for Information Management. The presentation evaluates the role of risk management and security in the strategic planning process that defines the direction and prioritization of resources used by an organization.
The slides provides fundamental understanding of concepts, principles and issues in fraud risk management. It is a comprehensive summary of general knowledge and understanding about the fraud risk management.
A review of common fraud areas that occur in closely held businesses, how to prevent them and what your legal remedies are if you are a victim of fraud.
The initial stage of the supply chain process is the planning stage. We need to develop a plan or strategy in order to address how the products and services will satisfy the demands and necessities of the customers. In this stage, the planning should mainly focus on designing a strategy that yields maximum profit.
For managing all the resources required for designing products and providing services, a strategy has to be designed by the companies. Supply chain management mainly focuses on planning and developing a set of metrics.
1.4.2) Develop (Source)
After planning, the next step involves developing or sourcing. In this stage, we mainly concentrate on building a strong relationship with Develop of the raw materials required for
production. This involves not only identifying dependable suppliers but also determining different planning methods for shipping, delivery, and payment of the product.
Companies need to select suppliers to deliver the items and services they require to develop their product. So, in this stage, the supply chain managers need to construct a set of pricing, delivery and payment processes with suppliers and also create the metrics for controlling and improving the relationships.
Finally, the supply chain managers can combine all these processes for handling their goods and services inventory. This handling comprises receiving and examining shipments, transferring them to the manufacturing facilities and authorizing supplier payments.
1.4.3) Make
The third step in the supply chain management process is the manufacturing or making of products that were demanded by the customer. In this stage, the products are designed, produced, tested, packaged, and synchronized for delivery.
Here, the task of the supply chain manager is to schedule all the activities required for manufacturing, testing, packaging and preparation for delivery. This stage is considered as the most metric-intensive unit of the supply chain, where firms can e gauge the quality levels, production output and worker productivity.
Forensic accountants use many tools to fine tune their fraud investigation process, yielding useable results during any fraud investigation. Learn more here.
This presented is aimed at AML/CTF practitioners who would need quick reminders of the basics of AML. Tools are not very useful if the underlying basics are unknown.
Most companies have ethics and compliance policies in place and those policies usually include training for employees. That training typically includes material about policies prohibiting discrimination and harassment, bribery and excessive gift-giving. But it usually does not teach employees how to recognize signs of fraud and how to report them.
Employee fraud awareness training is one of the most important ways your company can protect itself from fraud which, according to the Association of Certified Fraud Examiners, costs the average company five per cent of its revenues every year.
This guideline takes you through a step-by-step guide on how to conduct a money laundering business risk assessment. The slides consider each core division of an aml risk assessment.
Risk Management and Security in Strategic PlanningKeyaan Williams
This content was originally presented to the DFW chapter of the Society for Information Management. The presentation evaluates the role of risk management and security in the strategic planning process that defines the direction and prioritization of resources used by an organization.
The process of paying close and continuous attention "wakefulness and watchfulness make a good hunter"; "vigilance is especially subject to fatigue"
we keep an eye open for all the fatigue.
Financial Statement Fraud training by Tommy SEAHTommy Seah
Every company maneuvers the numbers to a certain extent to achieve budgets
and get bonuses. This is nothing new. But sometimes, companies take the factfudging
too far. Factors such as greed, desperation, immorality and bad judgment
drive some executives to commit financial statement fraud.
As evidenced by the catastrophic collapse of numerous corporations over the
past few years, financial statement fraud is a serious threat to any business’ economic
well-being. The existence and persistence of financial statement fraud is by
far the most expensive in terms of both absolute dollars and long term damage.
Recognising the challenges that organisations are facing in combating Financial
Statement Fraud, ProEdge Global is pleased to present this 2-day Workshop on
Financial Statement Fraud. This will serve as an excellent opportunity to learn how
best to protect your organization and step up on controls to prevent fraud.
This program offers a broad overview of the different types of financial & accounting
fraud while focusing on Financial Statement Fraud. Lead by a world renowned
financial fraud specialist, this workshop will examine the theories and practical
techniques and measures to combat Financial Statement Fraud and other financial
fraud. Thus, preventing organisations from becoming the next fraud victim.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.
Violation of trust.
Three general categories:
Asset misappropriations = employee steals or misuses an organizations resources.
Corruption = employee’s use of influence in business transactions in a way that violates duty to the employer for the purpose of obtaining benefit for self or someone else.
Financial Statement Fraud = intentional misstatement or omission of material information in financial reports.