Fraud is defined by many organizations from different perspectives. According to SAS #99, fraud is an intentional act that results in a material misstatement in financial statements that are the subject of an audit. In Black’s Law dictionary, fraud is defined as “all multifarious means which human ingenuity can devise, and which are resorted to by on individual to get an advantage over another by false suggestions or suppression of the truth. It includes all surprise, trick, cunning, or dissembling, and any unfair way by which another is cheated.” The Australian Auditing Standard AUS 210 “The Auditor’s Responsibility to Consider Fraud and Error in an Audit of a Financial Report” defines fraud as “ an intentional act by one or more individual among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal advantage.” Although these definitions are not exactly the same, all of them point out the characteristic of fraud. Preventing fraud is the prerequisite for accomplishing organization’s goals. Nowadays, any fraud might cause organization to lose the reputation and the advantage of the core competency. Besides these, others negative impacts of fraud include financial loss, depletion of operational resources, increase of turnover rate of employment, etc. We, Plum Field Advisory, provide Fraud Risk Management Services to help our clients to deal with fraud issues from the stage of fraud prevention to the stage of fraud investigation.
FRAUD RISK MANAGEMENT
Diagnosing fraud state through interview and questionnaires
Assessing fraud risk
Developing fraud Management strategies
Increasing employees’ knowledge and awareness of fraud
Enforcing the fraud responsibilities of management
Improving employees’ ethical behaviors
Designing and conducting fraud relevant trainings
Designing reporting hotline and red-flag mechanism
Introducing external audit
Designing and implementing fraud questionnaires
Analyzing unusual and extraordinary items
Formulating process of investigation
Investigating fraud cases
Drafting investigation reports
Please contact PFA anytime if your company is facing difficulty of executing any items listed above.
We PFA would be more than happy to solve your company’s problems and provide your company with the best solutions.