In economically more challenging times, the risk of fraud can be even more threatening when cash flow and critical assets are limited. The disruption of a fraud could result in the loss of business, destroy the organization's reputation or even lead to failure.
All organizations are susceptible to fraud risks; therefore, assessment, prevention and detection processes should be in place.
Fraud Risk assessment – fraud exposure should be assessed on a reoccurring basis, integrated into audit and security plans and viewed as a component of the enterprise risk management process.
Fraud Prevention – prevention techniques and asset protecive systems should be established and maintained as a priority of the organization and assessed on a regular basis.
Fraud Examination- is the methodology for resolving fraud allegations from inception to disposition. Specifically, fraud examination involves obtaining evidence and statements, documenting findings and writing reports, testifying to findings, and assisting in the detection and prevention of fraud.
The most prevalent economic and white-collar crimes, and specifically business related crimes involve some form of fraud.
