fbpx
Fraud Examination Consulting
Fraud Examination Consulting
Fraud Examination Consulting

Fraud Examination Consulting

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 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 corporations to get money, property, or services, avoid paying sums or losing services, or secure personal or commercial benefits.

What is a fraud examination consulting service?

A business entity engages an independent third party to examine a suspicious incident involving a breach of internal controls. Fraud examination consulting aims to help business entities check and verify the probability of overriding or violating the entity’s policies and procedures by a staff member who overrides the powers vested in them causing harm to the business.

What is detected in the fraud examination report?

  1. Corruption and bribery, including all fraudulent ways associated with conflicts of interest, accepting bribes, institutional corruption, economic extortion, and illegal payments.
  2. 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
  3. 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.
    • False and misleading disclosures.

What services does Baker Tilly provide in the field of Fraud Examination?

Baker Tilly provides the following services:

  • Performing agreed-upon procedures to examine suspected cases of corporate fraud.
  • Fraud risk assessment.
  • Developing anti-fraud plans.

What are the benefits of having a fraud examination?

The benefits of performing fraud examination are to eliminate any doubt regarding any transactions, which may materially affect business processes involving deviation from transparency and integrity principles.

It also delivers a message across the business entity that the general management system is being audited and implemented neutrally and equally in all organizational structure units and all job titles regardless of their grades.

Who needs a fraud examination?

Any business entity whether public or private entity may require fraud examination to prove whether a scam exists or not in a specific matter, contract or transaction. The fraud may result from non-compliance with procedural aspects such as vendor selection, tendering & contracting process, inappropriate KYC or incorrect communication of information, OR result from unauthorized or inappropriate financial transactions.

Why Baker Tilly provide this service?

Baker Tilly is distinguished by specialist professional experience and offers the following characteristics carrying added values to our clients:

  • A global consulting firm operating in the State of Kuwait.
  • Baker Tilly is licensed as an investment advisor from the Capital Markets Authority.
  • Professional team with in-depth experience in providing consultancy services.
  • Local experience under an international umbrella.
  • Bilingual team.

icon-angle icon-bars icon-times Scroll to Top
error: Alert: Content is protected !!