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Lies, Falsehood, Deceits

One of the most significant risks faced by organizations continues to be the risk of fraud. When fraud surfaces, whether committed by individual employees, collusion among multiple employees, executive management, or outside third parties the afflicted organization may incur not only significant financial losses but also serious reputational damage.

In many cases, the occurrence of fraud at a public company quickly leads to precipitous declines in stock prices and market capitalization and may be an early indicator of financial distress. Indeed, fraud and financial distress seem to relate to each other in a "chicken-and-egg" sort of way: fraud can lead to financial distress, but financial distress frequently fuels fraud. Given the serious economic consequences of fraud, senior management, and governing boards are increasingly stressing anti-fraud programs and controls to address key business, regulatory compliance, and marketplace drivers. This renewed global focus on corporate governance and fraud deterrence come from a realization that fraudulent financial reporting could easily cause an organization to fail.

AMCAS International often take the lead to ensure compliance with regulatory matters. The first step usually includes the completion of a fraud risk assessment. There has also been an increase in the adoption of new roles within many organizations, such as chief compliance officer (CCO) and chief risk officer (CRO). The internal audit function may work closely with the individuals in these new roles. In addition, some chief audit executives (CAEs) may now have the compliance function report to them. As always, in such circumstances, the CAE should carefully navigate around any potential independence or objectivity concerns.

Please call +251911472225 or email: This email address is being protected from spambots. You need JavaScript enabled to view it. to reach out and partner with AMCAS International for detecting, deterring and preventing fraud risk both at inherent and residual risk levels.

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