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Fraud prevention

The prevention of fraud in any organisation is much more than a one-off alert to staff about being aware of what is going on around them in the workplace. Any preventative measure needs to be ongoing, comprehensive and cover all realms of possibility.

And if you are an organisation governed by regulatory requirements, the choice of having to implement a preventative fraud program may not be so much of a choice but an imperative.

Don't become the victim

Organisational work environments are all about mitigating risk. A fraud prevention program can help identify, remedy and monitor specific risk areas that set the scene for fraud:
  • Management not understanding the organisation's fraud risk factors
  • No organisational structures, policies and procedures in place
  • Lack of emphasis on, and understanding of, ethical duties throughout the organisation
  • Insufficient knowledge of warning signs of fraud
  • Ineffective mechanisms for reporting, investigating and remedying fraud
  • Inadequate screening practices and misaligned employment evaluation criteria
  • Inadequate control activities for identified fraud risks
  • Weak or non-existent monitoring of anti-fraud programs and controls

How can we help you?

BDO Anti-fraud program addresses these conditions and is designed to promote a genuine anti-fraud environment, so that an organisation can proactively manage its fraud risks.

Our fraud prevention program has been designed by our experienced forensic Accounting team and is a customised process enabling organisations to adopt individual elements as needed, request assistance in modifying existing policies and procedures, or implement the complete program.

If you do nothing else…

If you were to do nothing else this year, we recommend you at least undertake a fraud risk assessment. The assessment is central to any anti-fraud program and can help identify and evaluate fraud risk factors relating to your operations, industry, structure, size, environment and general economic conditions.

Our assessment process focuses on the kinds of fraud risks to which your organisation is vulnerable, their significance and likelihood and how effectively your risks are currently managed. A key outcome of the assessment and the identification of your organisation's risks is the implementation of appropriate anti-fraud detection and control measures.

It is the integration of these controls into the infrastructure and operations of an organisation that fosters an environment where there is significant deterrence of fraud and early detection of attempted fraud.