The Association of Certified Fraud Examiners (ACFE) report to the Nations for Y2018, reveals that:

• $7 billion in total losses for Y2018

• $130.000 median loss per case

• 22% of cases caused losses of $1m+

• Asset misappropriation schemes are the most common & least costly (89% of the cases)

• Small businesses (up to 100 employees) lost almost twice as much per scheme to fraud (with $200.000 median loss)

• Internal control weaknesses were responsible for nearly ó of frauds

• Data monitoring / analysis and surprise audits were correlated with the largest reductions in fraud loss and duration

• 80% of cases created fraudulent evidence or altered existing evidence

• 63% of cases were detected by hotlines and reporting mechanisms

• 53% of cases recovered nothing, 32% made partial recovery and 15% recovered all losses

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Do you still believe that Fraud will not happen in your organisation?

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Our expert investigating team, lead by our Managing Director, Mr. Christos S. Christodoulou, a Fellow Chartered Certified Accountant and a Certified Fraud Examiner with a wide experience in fraud investigations and expert witness reporting in various court cases, can provide you with the following anti-fraud services and fraud investigation and reporting services:

 

Fraud Prevention services:

• Review all internal control procedures and report to the management or set up fresh internal control procedures and/or an internal control unit

• Set up a hotline and whistleblowing reporting mechanisms

• Evaluate fraud tips and whistleblowing reports

• Design a Fraud Response Plan

• Review or set up the/a Corporate Governance Framework and Best Practices manual

• Prepare a Fraud Risk Assessment

• Develop Fraud Awareness Training

• Design a Fraud Risk Management Program

• Implement an Anti-Bribery Management System based on ISO 37001:2016

• Establish a Compliance Function as per ISO 19600:2014 - Compliance Management Systems Guidelines

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Fraud Investigations and Reporting Services:

• Incident Management: Assess tips, complaints, and whistleblowing reports

• Fraud Investigations

• Financial Forensic investigations

• Reporting and testifying in court