Fraud and corruption prevention
Discovering or suspecting financial irregularities or fraudulent activities in your business, trust or organisation is never pleasant. And dealing with and recovering from the fallout – financial and reputation-wise – can be devastating, especially if it’s a small business or NGO, for example. (One investigative report suggests fraudulent activities may last 18 months before being detected.) Naturally, an SME owner would want to avoid these scenarios at all costs, which is where Grid Forensic Accounting’s fraud and corruption prevention service can greatly assist.
The value of a fraud prevention and detection policy
There are two advantages of having sound infrastructures as well as contingency plans in place:
• They reduce the chances of fraud occurring.
• They minimise the losses from fraud that may have already occurred.
We work closely with our clients by examining the bigger picture of how their business operates, identifying risk areas, and advising on best practices and how to implement them.
Here is a guide to how we do this:
Step 1: We identify areas where a business may be exposed to potential fraud and corruption by evaluating their business policies and practices. These could include:
• Employee hiring/screening policies
• Annual business audits
• Physical security systems
• Online security systems
• Any additional weakness in compliance policies
Step 2: Our forensic accounting professionals help lessen the identified opportunities for fraud and corruption by assisting in streamlining formal policies, integrating them with best practices and implementing them into the workplace. Issues that may come under focus could include:
• Formalising a fraud policy that includes types of fraud and their consequences, and informing all employees.
• Adopting internal controls such as segregation of duties.
Step 3. We also assess the business’s internal controls to make valuable recommendations with the intention of lessening risk. Such recommendations may include:
• Employee screening
• Revising company policy manuals
• Revising security systems
Fraud detection and prevention costs
Fees may vary depending on the complexity of the client’s situation, the amount of documentation required for assessment and the extent of any relevant investigations.
Because everyone’s needs and situations are so different, it is not possible to provide an exact costing. We can, however, assist by reviewing the prospective client’s information at our obligation-free initial consultation and provide an estimated cost at their request. No charge will be made for this review should they not continue with our services.