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FRAUD DETECTION, INVESTIGATION AND PREVENTION ...

FRAUD DETECTION, INVESTIGATION AND PREVENTION ...

FRAUD DETECTION, INVESTIGATION AND PREVENTION

FRAUD DETECTION, INVESTIGATION AND PREVENTIONAccording to the International Standards on Auditing (ISA), “Fraud refersto an intentional act by one or more individuals among management,those charged with governance, employees, or third parties, involving theuse of deception to obtain an unjust or illegal advantage”Fraud is sometimes confused with error. Error is the unintentionalmistake in the representation of financial information. This is not meantto benefit the person who perpetrated the mistake or a third party nor ishe aware of the mistake.DetectionAlthough the detection of fraud may not be through a single process,there are some circumstances that may indicate the possibility of fraud in aSACCO:Discrepancies in the accounting records, including the following: Transactions that are not recorded in a complete or timely manneror are improperly recorded as to amount, accounting period,classification, or entity policy. Unsupported or unauthorized balances or transactions. Last-minute adjustments that affect financial results. Evidence of employees’ access to systems and records inconsistentwith that necessary to perform their authorized duties. Complaints to the auditor about alleged fraud by the parties thattransact with the SACCO. Conflicting or missing evidence, including the following:a) Missing documents.b) Documents that appear to have been altered.c) Unavailability of other than photocopied or electronicallytransmitted documents when documents in original form areexpected to exist.d) Significant unexplained items on reconciliations. Unusual balance sheet changes or changes in trends or importantfinancial statement ratios or relationships. The loans as an assetshould be growing in consistent with the interest on loans.

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