Underestimating risk of fraud may jeopardize whole Business
Ignorance of Fraud Risk is detrimental for Businesses and may result in business loss / failure including risk of loss of reputation.
Many Organizations faced fraud/embezzlement of Assets, while many organizations are still facing the Risk of Fraud which not only reducing business profitability but also increases the risk to face regulatory implications on identification of fraud and for proceeding against the culprit / offender.
Normally we consider that statutory auditors performing Audit is enough to find any risk associated with Fraud and embezzlement of assets but in reality auditors are not functioned to detect Fraud Risk it’s not part of their scope of audit neither they are trained for same, it is a separate
assignment and need detailed skill set.
Organizations should develop systems and control to prevent and detect Fraud Risk within organizations.
A proper Fraud Risk Preventive System provides following benefits to the Organization:
- Greater Profitability
- Positive Image OR an enhanced image
- Improved efficiency & increased ability to meet commitments
- Enhanced morale – attract/retain talent
Through our Fraud Risk Assessment service, we offer detailed business evaluation for identification
of Fraud Risk (if any exist within the organization).