Certainly not an eassy figure to compute. The significance of these losses to a company can be accuratelly computed only if the likelihood of a risk incurring in an organization can be estimated. And its is equally important for individual and organization (both big and small) to understand the risk and materiality associated with frauds. Handling this type of frauds requires a solid technical knowledge-base. We are constantly being defrauded in more than one way. From small internet banking to credit card fraud, stupendous scams to contract breaches, internal frauds to hacking and cyber crimes. HOW SIGNIFICANT ARE THE THESE LOSSES TO A COMPANY?ĪNS: How significant are these losses to a company is a second question that arrive in our mind related to fraud. Risk refers to the simple risk of a potential fraud and materiality to a amount of losses due to these frauds.Ģ). Risk and materiality are two concepts closely associated with fraud. The first question which errupt in our mind is what is fraud.ĪNS: Fraud can be defined as the " Illegal act of obtaining something valuable through willful misrepresentation" OR " a deception practiced in other to secure unfair or unlawful gain". Bu the one can say that this attitude stems from that lack of accurate knowledge of the depth and volume of fraud that penetrates ( make a hole in) cooperation this days.
Some of the common myths associated with frauds are " It won't happen to me!" or "We have everything under control" or " We have hired efficient auditors". STRATEGIES FOR FRAUD PREVENTION IN YOUR BUSINESS FORENSIC ACCOUNTING AND FRAUD INVESTIGATION
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