Fraud Prevention and Detection by Rodney T. Stamler download in ePub, pdf, iPad
Take a top-down approach to your risk assessment, listing the areas in which fraud is likely to occur in your business and the types of fraud that are possible in those areas. Further, using the sampling approach, you may not be able to fully quantify the impact of control failures and you may not be able to estimate within certain populations. Create audit reports with recommendations on how to tighten controls or change processes to reduce the likelihood of recurrence.
Transactions may fall within boundaries of certain standard testing and not be flagged. In order to effectively test and monitor internal controls, organizations need to analyze all relevant transactions. The focus on fraud detection and prevention is shifting increasingly to internal audit departments.
Repetitive or continuous analysis for fraud detection means setting up scripts to run against large volumes of data to identify those anomalies as they occur over a period of time. You can run the script every night to go through all those transactions for timely notification of trends and patterns and exceptions reporting that can be provided to management.
For example, if you think fraud is happening with purchasing cards, include the p-card manager in the discussions. Then qualify the risk based on the overall exposure to the organization. You must test percent of the data, not just random samples. If you can initiate a transaction, approve the transaction, and also be the receiver of the goods from the transaction, there is a problem.
The timely detection of fraud directly impacts the bottom line, reducing losses for an organization. Create scripts, test the scripts and run them against data so you get periodic notification when an anomaly occurs in the data. The sooner that indicators of fraud are available, the greater the chance that losses can be recovered and control weaknesses can be addressed. Develop fraud risk profiles as part of an overall risk assessment and include necessary stakeholders and decision makers. Fix any broken controls immediately.
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