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Fraud’s Worst Enemyhttp://www.fraud-magazine.com/article.aspx?id=4294969523Page 3 of 35/14/2013Click here to Login and leave a comment...ReviewsBy Birzeit Consulting METone will always be at the top. It is unfortunate that developing countries are still far behindof appreciating the significance of ethics on fraud and corruption. Catastrophically, publicsector worldwide did not invest properly and sufficiently in this regard. The ethics issue iscomplex. Yet, one cannot ignore its importance any where in the world. I do think that weneed more research to be done to fight fraud globally.©2013 Association of Certified Fraud ExaminersPrivacy Policy | Advertise With UsAssociation of Certified Fraud Examiners Global Headquarters716 West Ave | Austin, TX 78701-2727 | USA | FraudMagazine@ACFE.com
ACFE Insights - ACFE Insightshttp://www.acfeinsights.com/acfe-insights/2012/8/10/the-most-effective-controls-in-limiting-fr...Page 1 of 35/15/2013The Most Effective Controls in Limiting Fraud LossesFriday, August 10, 2012 at 09:26AMMandy Moody in CFE Credential, Compliance & Ethics, Corporate Governance, Fraud Resources, acfe, fraud, globalfraud survey, report to the nationsGUEST BLOGGERJohn Warren, J.D., CFEACFE Vice President and General CounselOne of the most important things we try to accomplish with our global fraud study, the Report to theNations, is to identify key characteristics about organizations that have been victimized byoccupational fraud. Although every business is vulnerable to fraud, the more we can learn aboutorganizations that suffered frauds in the past, the more information we will have to preventoccupational fraud or at least limit its impact in the future.Perhaps the most important victim data contained in the Report to the Nations is the information wegather on anti-fraud controls. We ask each of our respondents to tell us which, if any, of 16 commonanti-fraud measures were utilized by the victim organizations while the frauds were occurring. Wethen compare the losses based on whether a particular control was or was not present. For example,in 2012 we found organizations that used a hotline experienced a median loss of $100,000 peroccupational fraud case, while organizations that did not use a hotline had a median loss of$180,000. This analysis gives us a general indication of the impact various anti-fraud controls havein limiting fraud losses. We can say, for instance, that the presence of a hotline was associated with a44.4 percent lower median fraud loss.In the table below, we’ve presented the results of this analysis for each edition of the Report to theNations dating back to 2008. For each anti-fraud measure, you can see the reduction in fraud lossesit was associated with, along with its ranking relative to other controls.[1]One interesting thing tonote is that every one of these controls was associated with lower fraud losses in all three editions ofthe Report.
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ACFE FRAUD PREVENTIONCHECK-UP
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ACFE FRAUD PREVENTIONCHECK-UPThe Be
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ACFE FRAUD PREVENTIONCHECK-UPACFE F
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Sponsored by:The Institute of Inter
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Team Members:Toby J.F. Bishop, CPA,
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Managing the Business Risk of Fraud
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establish their own fraud risk mana
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Fraud risk identification may inclu
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Thus, to properly address fraud ris
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The board also has the responsibili
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• Implementing adequate internal
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Fraud Risk Management Program Compo
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ecently been hired in the purchasin
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Organizations can identify and asse
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The Risk Assessment TeamA good risk
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This also involves understanding th
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- Invoices for goods not received o
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Other RisksRegulatory and Legal Mis
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SECTION 3: FRAUD PREVENTIONPrincipl
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An organization’s HR group is oft
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SECTION 4: FRAUD DETECTIONPrinciple
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Process ControlsProcess controls sp
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keep such information confidential.
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will vary depending on the nature,
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Conducting the InvestigationPlannin
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• Extended investigation — Cond
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Fraud ControlsDeloitte Forensic Cen
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APPENDIX B: SAMPLE FRAMEWORK FOR A
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APPENDIX C: SAMPLE FRAUD POLICY 41N
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CONFIDENTIALITYThe ______________ U
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Sample Fraud Policy Decision Matrix
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Identified Fraud Risksand Schemes (
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2) Misappropriation of:a) Tangible
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Page 83 and 84: O-Organization / PersonnelO1-Leader
Page 85 and 86: O4.3 Enhance Operational Skills & C
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Page 89 and 90: E-Periodic EvaluationE1-Evaluation
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Page 93 and 94: CriminologyFraud Prevention Program
Page 117 and 118: Sample Fraud PolicyAssociation of C
Page 119 and 120: Sample Fraud PolicyCONFIDENTIALITYT
Page 121 and 122: Sample Fraud PolicyFraud Policy Dec
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