Fraud poses a significant threat to businesses worldwide, including Singapore. Its consequences range from financial losses to reputational damage. To safeguard operations, Singaporean businesses should prioritize effective fraud detection and prevention through hiring an audit firm. This article explores tailored auditing strategies for Singaporean businesses to detect and prevent fraud successfully.
Read more - https://sohago.com/blog/fraud-prevention-how-can-audit-firm-in-singapore-help/
Payments Fraud Prevention: Legit Strategies For CFOs By CXO 2.0 Conference Ex...CXO 2.0 Conference
In this presentation, you'll discover effective payment fraud prevention strategies for CFOs at the CXO 2.0 Conference. Experts will share legitimate approaches to safeguard financial transactions, mitigate risks, and ensure the security of your organization's funds. Learn how to stay ahead of evolving fraud tactics and secure your company's financial integrity.
The role of internal auditors in fraud risk management and the skill sets required in the current scenario...
The focus of audit has to change from transaction audit to value addition..
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Fraud Risk Management | Fraud Risk Assessment - EY IndiaErnst & Young
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Fraud Risk Management | Fraud Risk Assessment - EY IndiaNishantSisodiya
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Payments Fraud Prevention: Legit Strategies For CFOs By CXO 2.0 Conference Ex...CXO 2.0 Conference
In this presentation, you'll discover effective payment fraud prevention strategies for CFOs at the CXO 2.0 Conference. Experts will share legitimate approaches to safeguard financial transactions, mitigate risks, and ensure the security of your organization's funds. Learn how to stay ahead of evolving fraud tactics and secure your company's financial integrity.
The role of internal auditors in fraud risk management and the skill sets required in the current scenario...
The focus of audit has to change from transaction audit to value addition..
Deloitte has been at the forefront of providing services to help clients - especially for some of the leading financial institutions - to help deal with myriad business and compliance issues presented by financial crime. See More : https://www2.deloitte.com/in/en/pages/finance/topics/forensic.html
Fraud Risk Management | Fraud Risk Assessment - EY IndiaErnst & Young
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Fraud Risk Management | Fraud Risk Assessment - EY IndiaNishantSisodiya
Check out the edition of fraud risk management & fraud risk assessment understanding the client's organizational structure & business environment. For more details, visit http://bit.ly/1RtohKr.
Fraud, bribery and corruption: Protecting reputation and valueDavid Graham
In support of International Fraud Awareness Week, Deloitte Risk Advisory has published a series of articles, the second of which has been introduced below. This article lists ten areas that executives and the audit committee should evaluate to help mitigate reputational risks of fraud, bribery and corruption
This comprehensive seminar offers a deep dive into the strategies, tools, and best practices essential for ensuring the effectiveness of Suspicious Activity Reporting within your organization. Our expert instructors bring a wealth of knowledge from diverse sectors, including financial services, law enforcement, and regulatory compliance, to provide attendees with the latest insights and practical guidance.
CXO 2.0 Conference Reviews Ways To Strengthen Your Workforce Against Scam Off...CXO 2.0 Conference
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Smart Growth, Smart Defense Building A Scam-Resilient Business At Scale CXO ...CXO 2.0 Conference
Learn how to build and expand a scam-resilient business at scale, navigating challenges and embracing innovation. Explore expert insights from the CXO 2.0 Conference on achieving sustainable growth while safeguarding your enterprise.
Strategies for Prevention and Response onForgery, Fraudulence, Bribery, U...reazwoori
Discuss strategies for detecting and preventing bank forgery, fraud, and bribery:
Strong authentication methods
Employee training and awareness
Monitoring and anomaly detection systems
Customer education
Example: "Implementing two-factor authentication for online banking can help prevent unauthorized access. Regular employee training on recognizing fraudulent activities is also crucial."
Slide 15: Conclusion
Summarize the key takeaways.
Example: "By understanding the threats, implementing preventive measures, and collaborating with industry peers, banks can maintain trust, protect their customers, and ensure the integrity of the financial system."
Preventing forgery, fraudulence, bribery, and corruption at a bank is crucial to maintaining the trust of customers and the integrity of the financial system. Banks have established various policies, procedures, and technologies to combat these risks. Here are some steps a bank can take to prevent these issues:
Implement Strong Internal Controls:
Establish clear policies and procedures for all banking operations, especially those related to financial transactions, customer data handling, and access to sensitive information.
Segregate duties to ensure that no single employee has complete control over critical processes, which helps prevent collusion.
Regularly review and update internal controls to adapt to changing risks and technologies.
Employee Training and Awareness:
Conduct thorough background checks before hiring employees.
Provide ongoing training on fraud prevention, ethical conduct, and the consequences of fraud, bribery, and corruption.
Foster a culture of integrity and ethical behavior throughout the organization.
Customer Authentication and Verification:
Implement robust customer identity verification processes during account opening and transaction processing.
Utilize multi-factor authentication (MFA) for online banking and financial transactions.
Continuously monitor and verify customer information to detect suspicious activity.
Use Advanced Technology:
Employ state-of-the-art fraud detection systems that use machine learning and AI algorithms to identify unusual or suspicious patterns in transactions.
Use blockchain technology for secure and tamper-proof record-keeping.
Employ biometric authentication methods like fingerprint or facial recognition for customer access and transactions.
Encryption and Data Security:
Encrypt customer data and sensitive information to protect it from unauthorized access.
Regularly update security protocols and patches to defend against cyberattacks.
Whistleblower Programs:
Establish a confidential and secure channel for employees and customers to report suspicious activities without fear of retaliation.
Investigate and take appropriate actions on reported incidents.
Audits and Compliance:
Conduct regular internal and external audits to assess compliance with regulatory standards and internal policies.
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.
Anti-Fraud 1
Anti-Fraud Prevention
Name
Class
Date
Professor
Anti-Fraud Prevention
Fraud is the intentional act of stealing another individual’s identity or misappropriating funds from a business or an organization. These individuals intentionally steal money from their business or commit acts of deception to gain the money of their victims. It is important for the company and even the individual to establish internal controls to prevent fraud. The company will need to employ a prevention plan that includes a clear fraud policy and use detection strategies to discover acts of fraud.
Regardless of size or sector, training, especially involving loss prevention, is critical to any business (2009). The small business takes the greatest hit from this type of crime and it can cause the small business to go bankrupt. The FBI's Internet Crime Complaint Center released its annual Internet Fraud Crime Report in 2006. The reports included multiple fraud types, including auction fraud, non-delivery, and credit-card fraud, as well as non-fraudulent complaints, such as computer intrusions, spam/unsolicited email and child pornography (2010).
A monetary loss from business and personal fraud exceeds $660 billion annually and on average a business or organization will lose 6% of their profit in a year. Businesses with less than one hundred employees will be the hardest hit by this crime. Occupational fraud and abuses fall into three main categories: asset misappropriation, fraudulent statements, and bribery and corruption (2009). A comprehensive control program would aid the organizations in avoiding this financial loss. It will provide valuable internal controls and assess the effectiveness of current internal controls. A confidential, anonymous reporting system will be developed and safeguard the companies assets.
The comprehensive control program would provide many benefits for the company. It would provide preventive, detective, and corrective controls and will apply new improved auditing standards and rules to follow concerning the standard of controls concerning both inventory and cash flow. In order to be proactive when protecting a company from fraud, this program would provide helpful strategies and methods for eliminating fraudulent activity.
Preventive measures that would be taken would work to stop fraud before it happens. It will provide controls for protecting the company’s assets and the private information of company personnel. Detective controls will be applied to alert company officials of any potential threats of fraud and aims at finding and investigating possible incidents of fraud. Corrective controls will monitor existing controls and apply alternative actions for any aspect of the fraud plan is not beneficial to the company. The comprehensive control program will provide measures to remedy problems that are discovered, so that future frauds can be better prevented and detected (.
Society of Corporate Compliance and Ethics SCCE 2015 developing an effective ...Craig Taggart MBA
Areas Covered in the Webinar:
Identify fraud risks and the factors that influence them
Analyze existing risk management frameworks and their application to managing fraud risk
Develop and implement the necessary components of a successful fraud risk management program
Identify the elements of a strong ethical corporate culture
Conduct a cost effective fraud risk assessment
New Trends and Developments in Singapore's Audit ServicesWZWU & Partners
Due to changes in corporate environments, regulations, and technology, the role of audit services is fast changing in Singapore. Professionals and businesses need to stay ahead in the core of the global financial system. In this article, the most recent trends and advancements in Singapore's audit businesses are examined.
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_Haluk Ferden Gursel
Global firms are recognizing that the
anti-fraud profession is an important
component of risk measurement and
avoidance. The analysis below
illustrates how recent risk-based
management control systems are
hastening the development of
specialized anti-fraud agents. It is
evident that the increased public
appetite for transparency and enhanced
accountability has also spurred rapid
developments in the anti-fraud
discipline.
Simplified Accounting Solutions for SMEs A Comprehensive GuideWZWU & Partners
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Navigating Financial Compliance: Essential Audit Services in SingaporeWZWU & Partners
Discover the importance of audit services in Singapore's business landscape. From ensuring regulatory compliance to enhancing financial transparency, audit services play a crucial role in maintaining trust and integrity. Learn how these services help businesses thrive in a competitive market while adhering to stringent financial regulations.
More Related Content
Similar to Auditing for Fraud Detection and Prevention How can an audit firm in Singapore help
Fraud, bribery and corruption: Protecting reputation and valueDavid Graham
In support of International Fraud Awareness Week, Deloitte Risk Advisory has published a series of articles, the second of which has been introduced below. This article lists ten areas that executives and the audit committee should evaluate to help mitigate reputational risks of fraud, bribery and corruption
This comprehensive seminar offers a deep dive into the strategies, tools, and best practices essential for ensuring the effectiveness of Suspicious Activity Reporting within your organization. Our expert instructors bring a wealth of knowledge from diverse sectors, including financial services, law enforcement, and regulatory compliance, to provide attendees with the latest insights and practical guidance.
CXO 2.0 Conference Reviews Ways To Strengthen Your Workforce Against Scam Off...CXO 2.0 Conference
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Strategies for Prevention and Response onForgery, Fraudulence, Bribery, U...reazwoori
Discuss strategies for detecting and preventing bank forgery, fraud, and bribery:
Strong authentication methods
Employee training and awareness
Monitoring and anomaly detection systems
Customer education
Example: "Implementing two-factor authentication for online banking can help prevent unauthorized access. Regular employee training on recognizing fraudulent activities is also crucial."
Slide 15: Conclusion
Summarize the key takeaways.
Example: "By understanding the threats, implementing preventive measures, and collaborating with industry peers, banks can maintain trust, protect their customers, and ensure the integrity of the financial system."
Preventing forgery, fraudulence, bribery, and corruption at a bank is crucial to maintaining the trust of customers and the integrity of the financial system. Banks have established various policies, procedures, and technologies to combat these risks. Here are some steps a bank can take to prevent these issues:
Implement Strong Internal Controls:
Establish clear policies and procedures for all banking operations, especially those related to financial transactions, customer data handling, and access to sensitive information.
Segregate duties to ensure that no single employee has complete control over critical processes, which helps prevent collusion.
Regularly review and update internal controls to adapt to changing risks and technologies.
Employee Training and Awareness:
Conduct thorough background checks before hiring employees.
Provide ongoing training on fraud prevention, ethical conduct, and the consequences of fraud, bribery, and corruption.
Foster a culture of integrity and ethical behavior throughout the organization.
Customer Authentication and Verification:
Implement robust customer identity verification processes during account opening and transaction processing.
Utilize multi-factor authentication (MFA) for online banking and financial transactions.
Continuously monitor and verify customer information to detect suspicious activity.
Use Advanced Technology:
Employ state-of-the-art fraud detection systems that use machine learning and AI algorithms to identify unusual or suspicious patterns in transactions.
Use blockchain technology for secure and tamper-proof record-keeping.
Employ biometric authentication methods like fingerprint or facial recognition for customer access and transactions.
Encryption and Data Security:
Encrypt customer data and sensitive information to protect it from unauthorized access.
Regularly update security protocols and patches to defend against cyberattacks.
Whistleblower Programs:
Establish a confidential and secure channel for employees and customers to report suspicious activities without fear of retaliation.
Investigate and take appropriate actions on reported incidents.
Audits and Compliance:
Conduct regular internal and external audits to assess compliance with regulatory standards and internal policies.
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.
Anti-Fraud 1
Anti-Fraud Prevention
Name
Class
Date
Professor
Anti-Fraud Prevention
Fraud is the intentional act of stealing another individual’s identity or misappropriating funds from a business or an organization. These individuals intentionally steal money from their business or commit acts of deception to gain the money of their victims. It is important for the company and even the individual to establish internal controls to prevent fraud. The company will need to employ a prevention plan that includes a clear fraud policy and use detection strategies to discover acts of fraud.
Regardless of size or sector, training, especially involving loss prevention, is critical to any business (2009). The small business takes the greatest hit from this type of crime and it can cause the small business to go bankrupt. The FBI's Internet Crime Complaint Center released its annual Internet Fraud Crime Report in 2006. The reports included multiple fraud types, including auction fraud, non-delivery, and credit-card fraud, as well as non-fraudulent complaints, such as computer intrusions, spam/unsolicited email and child pornography (2010).
A monetary loss from business and personal fraud exceeds $660 billion annually and on average a business or organization will lose 6% of their profit in a year. Businesses with less than one hundred employees will be the hardest hit by this crime. Occupational fraud and abuses fall into three main categories: asset misappropriation, fraudulent statements, and bribery and corruption (2009). A comprehensive control program would aid the organizations in avoiding this financial loss. It will provide valuable internal controls and assess the effectiveness of current internal controls. A confidential, anonymous reporting system will be developed and safeguard the companies assets.
The comprehensive control program would provide many benefits for the company. It would provide preventive, detective, and corrective controls and will apply new improved auditing standards and rules to follow concerning the standard of controls concerning both inventory and cash flow. In order to be proactive when protecting a company from fraud, this program would provide helpful strategies and methods for eliminating fraudulent activity.
Preventive measures that would be taken would work to stop fraud before it happens. It will provide controls for protecting the company’s assets and the private information of company personnel. Detective controls will be applied to alert company officials of any potential threats of fraud and aims at finding and investigating possible incidents of fraud. Corrective controls will monitor existing controls and apply alternative actions for any aspect of the fraud plan is not beneficial to the company. The comprehensive control program will provide measures to remedy problems that are discovered, so that future frauds can be better prevented and detected (.
Society of Corporate Compliance and Ethics SCCE 2015 developing an effective ...Craig Taggart MBA
Areas Covered in the Webinar:
Identify fraud risks and the factors that influence them
Analyze existing risk management frameworks and their application to managing fraud risk
Develop and implement the necessary components of a successful fraud risk management program
Identify the elements of a strong ethical corporate culture
Conduct a cost effective fraud risk assessment
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Due to changes in corporate environments, regulations, and technology, the role of audit services is fast changing in Singapore. Professionals and businesses need to stay ahead in the core of the global financial system. In this article, the most recent trends and advancements in Singapore's audit businesses are examined.
Dr haluk f gursel fraud examination rises to distinction article grcj 2010 1_v3_Haluk Ferden Gursel
Global firms are recognizing that the
anti-fraud profession is an important
component of risk measurement and
avoidance. The analysis below
illustrates how recent risk-based
management control systems are
hastening the development of
specialized anti-fraud agents. It is
evident that the increased public
appetite for transparency and enhanced
accountability has also spurred rapid
developments in the anti-fraud
discipline.
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4. Sustainability Implementation & Best Practices
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
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Auditing for Fraud Detection and Prevention How can an audit firm in Singapore help
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Auditing for Fraud Detection and Prevention:
How can an audit firm in Singapore help?
Fraud represents a critical danger to businesses around the world, and Singapore is no special
case. The ramifications of fraud can be pulverizing, going from financial losses to reputational
damage. To defend their tasks, Singaporean businesses should focus on powerful fraud
detection and prevention measures by hiring an audit firm in Singapore.
This article investigates successful auditing methodologies explicitly custom fitted for
Singaporean businesses to identify and forestall fraud.
Understanding the Landscape of Fraud in Singapore:
Fraud in Singapore takes different structures, like misappropriation of assets, financial
explanation fraud, payoff, and debasement. Various ventures might confront explicit fraud risks
and weaknesses. It is urgent to survey the effect of fraud on Singaporean businesses and
understand the advancing landscape of fraudulent exercises.
Building a Strong Fraud Risk Assessment System:
To battle fraud, businesses should conduct an exhaustive assessment of their fraud risks and
weaknesses with professional audit services. This includes recognizing key control focuses and
possible shortcomings in internal cycles. Risk grids and intensity guides can help with focusing
on areas of concern and assigning assets as needs be.
Implementing Fraud Detection Techniques:
Utilizing data analytics tools and techniques is significant for fraud detection. Businesses ought
to foster high-level data mining calculations to identify dubious examples and irregularities. By
investigating huge datasets, associations can recognize uncommon exchanges or ways of
behaving that might show fraudulent exercises.
Conducting Forensic Audits:
Forensic audits assume an imperative part in fraud detection and examination. They include a
definite assessment of financial records, exchanges, and documentation. Forensic auditors
search for warnings and signs of possibly fraudulent exercises, assisting businesses with social
event proof and making a suitable move.
Strengthening Internal Controls:
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Laying out powerful internal control systems with an audit firm in Singapore is fundamental to
deflecting fraud. This incorporates isolating obligations, implementing double controls where
suitable, and authorizing strong endorsement processes. Advancing a culture of ethics, integrity,
and accountability inside the association further builds up the viability of internal controls.
Implementing Whistleblower Programs:
Making successful systems for unknown reporting of fraudulent exercises urges employees to
offer facts. Whistleblower programs ought to guarantee secrecy and insurance for
whistleblowers, and associations should lay out clear conventions for exploring and tending to
reported occurrences.
Regular Independent Audits:
Connecting with external auditors to perform independent audits of financial articulations adds
one more layer of examination. These audits assist in guaranteeing consistency with
bookkeeping standards, recognizing potential control shortcomings, and explicitly targeting
fraud detection and prevention.
Educating and Training Employees:
Bringing issues to light among employees about the risks and outcomes of fraud is essential.
Giving extensive training on fraud detection, reporting, and prevention enables employees to
perceive and answer dubious exercises. Empowering a careful and proactive methodology can
fundamentally add to fraud prevention endeavors.
Collaboration with Law Enforcement and Regulatory Specialists:
Building strong associations with significant specialists upgrades the capacity to successfully
battle fraud. Sharing data and knowledge regarding fraudulent exercises strengthens the
general reaction to fraud occurrences. Businesses ought to give important participation and
help when required.
Continuous Monitoring and Evaluation:
Fraud prevention systems ought to be continuously monitored and assessed by the top audit
services in Singapore. Regular reviews assist with distinguishing holes or shortcomings, taking
into consideration convenient changes. Monitoring arising fraud drifts and adjusting systems
appropriately is crucial for staying in front of fraudsters. Conducting post-episode evaluations
gives important bits of knowledge to future prevention endeavors.
Conducting Surprise Audits and Reviews:
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Occasionally perform surprise audits or reviews to evaluate the viability of internal controls and
recognize any potential fraud risks. Surprise audits can go about as a strong hindrance, as
employees are less inclined to take part in fraudulent exercises assuming they realize that audits
can happen startlingly.
Implementing Technology-based Fraud Prevention Measures:
Influence cutting-edge innovations, for example, computerized reasoning, AI, and prescient
analytics to improve fraud detection capacities. Implement fraud monitoring systems that can
recognize dubious examples, identify abnormalities, and produce cautions for additional
examination.
Laying out a Whistleblower Hotline:
Implement a devoted hotline or reporting system for employees to secretly report possible
fraud. Give clear guidelines on the most proficient method to utilize the hotline and guarantee
that employees have a good sense of security and are safeguarded while reporting dubious
exercises.
Conducting Background Checks on Employees:
Perform careful background checks on forthcoming employees, particularly those in delicate
positions or with admittance to financial data. Regularly review and update background checks
for existing employees, especially if their jobs change inside the association.
Drawing-in External Forensic Experts:
In complex cases or while confronting critical fraud risks, think about connecting with external
forensic experts to conduct top-to-bottom examinations. Forensic experts have particular
abilities and involvement with uncovering fraudulent exercises and can give important
experiences and suggestions.
Monitoring Vendor and Supplier Relationships:
Implement a reasonable level of investment techniques while choosing and onboarding vendors
and suppliers. Regularly monitor vendor relationships and exchanges for any indications of
agreement or fraudulent exercises.
Conclusion:
By implementing hearty auditing procedures custom fitted to the Singaporean setting,
businesses can proactively moderate the risks related to fraud. Through thorough risk
assessments, data analytics strengthened internal controls, and a culture of ethics, businesses
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can defend their assets, notoriety, and long-term supportability in Singapore's cutthroat
business landscape. Carefulness, collaboration, and continuous improvement are vital to
recognizing and forestalling fraud in Singaporean businesses.
Source URL - https://sohago.com/blog/fraud-prevention-how-can-audit-firm-in-singapore-help/