FREQUENTLY ASKED QUESTIONSFraud Detection and Investigation

Fraud Detection and Investigation FAQs

Below follows a selection of the most frequently asked questions relating to our Fraud Detection and Investigation service. We trust the information below will be of value to you. If you have any additional questions, please feel free to contact us directly.

As a CEO, what do I do if I suspect financial irregularities in my company?

It is important to remember that when fraud is detected, it may be more serious and may have been taking place for longer than what is immediately apparent. It is also likely to have spread through various business divisions. Alert the individual responsible for dealing with fraud within the business, i.e. internal auditor, CFO or forensic auditor. Safeguard all potential evidence, for example, physical documentation and/or electronic information, including laptops. Prepare a team to investigate the matter or employ a team of forensic auditors to assist. Deal with the employee who is suspected of fraud through the human resources offices and restrict their access to documentation and data with immediate effect. Inform your in-house legal team and ask them to assist with the matter.

How can I protect my business?

It’s vital to introduce proper internal controls and have checks and balances in place. Set up a fraud hotline that enables employees to report any concerns they may have, and be aware of situations that may be considered ‘red flags’, such as employees living beyond their means, employees in important positions or working with cash who never take leave, and transactions taking place outside of working hours. Consider appointing a forensic specialist to assess current policies and security systems, as they will be able to advise on any areas of vulnerability.

For more details on forensic audits, read ‘How is a forensic audit carried out?


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