Every year, billions of dollars are lost worldwide due to fraud resulting from deficiencies in regulations, internal rules, poor internal controls and governance in business entities.
What is the definition of corporate fraud?
The Institute of Internal Auditors has defined corporate fraud as any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the threat of violence or physical force. Fraudulent acts are committed by individuals or corporate in order to get money, property, or services, or to avoid paying sums or losing services, or in order to secure personal or commercial benefits.
What are the main types of corporate fraud?
Corruption and bribery, including all fraudulent ways associated with conflicts of interest, accepting bribes, institutional corruption, economic extortion and illegal payments.
Embezzlement, misuse, or unlawful forgery of assets, encompassing all fraud ways associated with cash, inventory and other assets, including but not limited to:
- Embezzlement of cash in hand and cash custody
- concealing debts
- Cheques falsification
Manipulation of financial and non-financial statements/ information, encompassing all fraudulent ways performed on the financial statements and information and the misapplication of the international financial reporting standards, including but not limited to:
- Intentional wrong accounting registration;
- Concealing expenses and liabilities;
- Inflating revenues through fraudulent contracts and invoices;
- Inflate assets;
- Registration of ghost employees, use of shell companies and purchase from unauthorized suppliers; and
- False and misleading disclosures.
What services does Baker Tilly provide in the field of corporate fraud?
Baker Tilly provides the following services:
- Performing agreed upon procedures to examine suspected cases of corporate fraud;
- Fraud risk assessment; and
- Preparing anti-fraud schemes.
Why Baker Tilly to provide this service?
Baker Tilly is distinguished by specialist professional experience and offers the following characteristics carrying added values to our clients as follows:
- A global accounting firm operating the State of Kuwait
- The firm has licensed auditors registered in Ministry of Commerce & Industry’s Auditors Register
- The firm has licensed auditors who are registered with Capital Markets Authority
- Local experience under international umbrella
- Professional team with in-depth experience in providing assurance services
- Bilingual team
Other related services
- Financial Statements Audit & Review
- Internal Control Review
- Internal Audit Unit Assessment
- Review of Clients’ Funds and Assets
- Review of Custodian’s IT Systems
- AML-CFT Compliance
- Loans & Financing Portfolios Review
- Sport Entities Investment Controls Review
- Agreed-Upon Procedures
- Capital Adequacy Reports
- Assets Valuation For Bonds and SUKUK Issuance