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Anti-fraud program
The following program elements can be implemented individually, all together or in any combination.
| Program element | Objective | Services provided |
| Comprehensive Fraud Risk Assessment | To identify the organisation’s susceptibility to specific types of fraud and the likelihood and significance of those frauds. |
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| Control Activities | To assess effectiveness of anti-fraud controls and implement or improve control measures to appropriately manage identified fraud risks. |
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| Organisational Structures, Policies and Procedures | To enable an organisation to best structure its policies and procedures so that fraud will be detected if it occurs, and ascertain that its anti-fraud policies and procedures are well constructed, properly communicated and followed. |
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| Ethics Awareness and Education | To promote an organisational culture that encourages ethical conduct and a commitment to compliance with the law. |
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| Fraud Education | To enable an organisation’s employees, officers, directors and agents to identify and respond appropriately to the signs of fraud. |
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| Effective Mechanisms for Reporting, Investigating and Remedying Fraud | To help an organisation respond to reports of fraud promptly and appropriately. |
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| Monitoring of Anti-Fraud Programs and Controls | To provide continuing confidence that anti-fraud programs and controls are operating effectively. |
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Do you know what the law requires you to do?
Promoting regulatory compliance & best practices
Regardless of whether you are bound by regulatory requirements, all organisations should be seeking to maximise stakeholder value through regulatory compliance and the implementation of best practices.
The legal requirements and authoritative guidance for the Anti-fraud program include the following:- Auditing Standard AUS210 – The Auditor’s Responsibility to Consider Fraud in the Audit of a Financial Report
- Corporations Act (including CLERP 9)
- ASX Principles of Good Corporate Governance and Best Practice Recommendations
- Australian Standard AS8001-2003 – Fraud and Corruption Control
- Australian Standard AS8004-2003 – Whistleblower Protection Programs for Entities
- Australian Standard AS4360-2004 – Risk Management
- Sarbanes-Oxley Act
BDO Kendalls Anti-fraud program is designed to satisfy these requirements and promote best practices. It takes time to fully understand the legislation and what it is your organisation needs to do to comply. Our forensic experts understand the requirements and can provide you with peace of mind when it comes to mitigating your fraud risk.
Why you need an Anti-Fraud Program
The benefits of any type of anti-fraud program are both tangible and long-term and include:- Increased transparency and accuracy of financial reporting
- Reduced misappropriation of assets
- Fewer adverse findings by auditors and regulators
- Reduced exposure to share price volatility
- Reduced litigation burden
- Easier access to capital
- Enhanced investor confidence
- Enhanced confidence from grant providers and donors
- Heightened reputation
Working together
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