Stopping corporate fraud in its tracks

Nov 04, 2008 News

Corporations worldwide have annually been losing millions of dollars to internal fraud. Is your company one of them? How can you be sure?
In 2006, an Ernst and Young survey done in 13 European countries revealed that 22 per cent of the respondents had experienced fraud, corruption or bribery in their companies.
Another study conducted in the United Kingdom by the Opinion Research Business found that 24 per cent of small and medium-sized enterprises – almost 900,000 across the UK — had suffered staff fraud.
According to Stephon Grey, founder of Renaissance and Associates, the Caribbean region is particularly vulnerable to fraud because of the lack of internal controls to aid in the prevention and detection of fraudulent activity.
Renaissance and Associates, a consultancy firm specializing in fraud and forensic auditing, assists companies in addressing this problem by educating personnel in forensic auditing, a specialty practice area of accounting that, according to Grey, deals with actual or anticipated disputes or litigation.
Certified forensic accountants, Mr. Grey says, will be able to use their accounting, auditing and investigating skills to determine what actually took place in a financial setting, thus enabling them to give expert evidence should a matter go to court.
He firmly believes that having such experts would be the main line of defense against fraud.
“The only way to prevent corruption or fraud, in most cases, is to deter it. The fact is that we have a lot of cases (of) people being charged, but no prosecution. That is not a deterrent.”
To this end, Renaissance and Associates is conducting an Introduction to Fraud and forensic Auditing seminar over two days at the Grand Coastal Inn, Le Ressouvenir, East Coast Demerara. The seminar starts on November 24.
The course costs US$550 and will be facilitated by Mr. Grey who, besides being founder of Renaissance and Associates, is also President of the Caribbean Institute of Forensic Accounting.
Mr. Grey is a Certified Fraud Examiner, specializing in Forensic Auditing. He has instructed seminars on anti-fraud topics to the likes of The Grenada Chamber of Commerce, The Institute of Internal Auditors, The Trinidad and Tobago Insurance Association, and The Institute of Banking & Finance.
The seminar is aimed at executives, managers, accountants – anyone interested in stopping fraud in its tracks.

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Stopping corporate fraud in its tracks

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