fraud awareness workshop 2015
TRANSCRIPT
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Fraud&Awareness&Workshop&
Iyad&Mourtada,&CIA,&CFE,&CMA,&CCSA,&CRMA,&CPLP,&M.A.&
E x c e p ? o n a l & L e a r n i n g & E x p e r i e n c e & &
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Case&Study:&Nick&Leeson&&
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Case&Study:&Nick&Leeson&&
• Leeson&did&an&unauthorized&specula?ve&trading&that&Bankrupted&the&233Jyear&old&Barings&Bank&of&London&
• Losses&eventually&reached&£827&million&&
&&&&(US$1.4&billion)&
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Lesson&Learned: &&
• Controls&should&be&in&place&
• There&should&be&ongoing&Monitoring&&
• There&should&be&segrega?on&of&du?es&
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The Institute of Internal Auditors
"Any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon threat of violence or physical force. Frauds are perpetrated by parties and organizations to obtain money, property, or services; to avoid payment or loss of services; or to secure personal or business advantage”
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Association of Certified Fraud Examiners
"The use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization's resources or assets.”
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Occupa?onal&Fraud&and&Abuse&
Asset&&Misappropria?ons&
Corrup?on&Fraudulent&Statements&
Conflicts of Interest
Bribery
Illegal Gratuities
Economic Extortion
Inventory & All Other Assets
Cash
Nonfinancial
Financial
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Fraud&Policy&
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Internal Control “Internal&control&is&a&process,&effected&by&an&en?ty’s&board&of&directors,&management,&and&other&personnel,&designed&to&provide&reasonable&assurance®arding&the&achievement&of&objec?ves&rela?ng&to&opera?ons,&repor?ng,&and&compliance.”&
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Who&is&responsible&for&Internal&Controls?&
• Board&of&Director&&&&&&&&&________________&• Senior&Management&&&________________&
• Management&&&&&&&&&&&&&&&&________________&
• Internal&Auditor&&&&&&&&&&&________________&
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What is the Control Process
1. &Establish&Standards&&2. &Measure&Performance&&
3. &Analysis&the&Gap&4. &Reappraise&the&Standard&5. &Correct&the&Performance&&
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“&The&Central&Purchasing&will&handle&all&purchases&$2,500&worth&of&business&per&dayJplus&a&small&addi?onal&margin&for&tax&and&deliveryJ&is&going&to&any&one&supplier.”&&
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Legal&Elements&of&Fraud&
!1.#A#material#false#statement##2.#Knowledge#that#the#statement#was#false#when#it#was#spoken#
3.#Reliance#on#the#false#statement#by#the#victim##4.#Damages#resulting#from#the#victim’s#reliance#on#the#false#statement#
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Hard&Control&vs.&Sof&Control&
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Evalua?ng&Hard&Internal&Controls&
• Exist&/&Don’t&Exist&&• Adequate&/&Not&Adequate&&• Working&&/&Not&Working&&
• Test&of&Control&
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ControlJSelf&&
Assessment&&
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Segrega?on&of&Du?es&
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Segrega?on&of&Du?es&
• Authority!!• Recording!!• Custody!!• Reconcilia4on!!
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Three!lines!of!Defense!!
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PAST&PERFORMANCE&IS&NO&GUARANTEE&OF&FUTURE&
RESULTS,&AND&ANY&PROJECTIONS&MAY&NOT&REFLECT&ACTUAL&FUTURE&PERFORMANCE.&
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Playing&the&&Forecas?ng&Game&&using&Hockey&S?cks&&
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Performance&Measures,&Incen?ves,&and&Rewards&
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Source:&IRM&
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ASK:&&Why?&
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Profit is an Estimate !
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Assumptions (What music notes to include) Estimates (Where to include) !
You may assume that they$re accurate down to the last dollar. Not true! The balance in the cash account is exact, but virtually every other number you see in a financial report is based on an estimate. !
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Increase Revenue(Revenue Recognition)
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Round&Trip&Recipe&&
Company& Vender&
PreJPaid&Services&4&Million&&
Current&Revenue&1&Million&&&
Reporting&more&revenue&&
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Deferral&of&Revenue&Recipe&&
Customer&
Balance&Sheet&Unearned&Revenue&&2&Million&
1&Million&
Manipulating&revenue&&Current&Revenue&&
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- Sold equipment on four-year leases, including service and maintenance. - Booked all the revenues up front. - Xerox mis-stated four years' worth of profits, resulting in an overstatement of close to $6bn.
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Reduce Expenses(Matching Principle)
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Capitalize&Expenses&Recipe&&
Expenses&Balance&Sheet&Capital&8&Million&
8&Million&
Income&Satement&&Expenses&
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- Took a pretax charge -a one-time write off- of 3.54 billion against its earnings
- Grow rapidly by buying other garbage companies. But didn't know to run them. - Changed the depreciation of their 20,000 tracks from 8-10 years to 12-15 years and did the same for their 1.5 million dumpsters
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�" ��� ��� �� ����� �� !�� ��������� ���� ��� ������"�� ����� ������ ��� ���� �������� �" ��� �� ��� �������!
�� �� ����� ��� ������" �������� �� ��� �������� ��� ������� �" ����� ���!��� �� ��" ���� ��� ����� �����!
Underreporting #line costs$ (interconnection expenses with other telecommunication companies) by capitalizing these costs on the balance sheet rather than properly expensing them.
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� �������!!
Who controls your organization? !
Are the accountants making the right judgment decisions? !
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Inves?ga?on&Strategy&
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$115,000&in&Expenses&for&one&year&
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8 Absolute&Trust&8 No&Review&&8 No&Details&8 No&Suppor?ng&Documents&8 No&control&&&&
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Defini4on!of!Fraud!!
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How Occupational Fraud is Committed
108
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How Occupational Fraud is Committed
109
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How Occupational Fraud is Committed
110
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Duration of Fraud Schemes
111
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Duration of Fraud Schemes
112
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Initial Detection of Occupational Frauds
113
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Source of Tips
114
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Impact of Hotlines
115
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Detection Method by Region
116
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Type of Victim Organization
117
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Type of Victim Organization
118
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Size of Victim Organization
119
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Size of Victim Organization
120
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Industry of Victim Organization
121
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Industry of Victim Organization
122
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Schemes by Industry
123
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Corruption Cases by Industry
124
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Anti-Fraud Controls at the Victim Organization
125
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Anti-Fraud Controls by Region
126
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Anti-Fraud Controls by Region
127
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Control Weaknesses That Contributed to Fraud
128
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Perpetrator’s Position
129
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Perpetrator’s Position
130
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Perpetrator’s Position
131
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Position of Perpetrator Based on Region
132
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Position of Perpetrator Based on Region
133
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Position of Perpetrator Based on Region
134
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The Impact of Collusion
135
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Methods of Fraud Based on Number of Perpetrators
136
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Perpetrator’s Age
137
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Perpetrator’s Age
138
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Perpetrator’s Gender
139
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Perpetrator’s Gender Based on Region
140
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Median Losses Based on Gender
141
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Position of Perpetrator Based on Gender
142
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Perpetrator’s Department
143
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Perpetrator’s Department
144
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Behavioral Red Flags Displayed by Perpetrators
145
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Recovery of Losses
146
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Fraud&Examina?on&&&&&
Fraud&examination&is#a#methodology#developed#by#ACFE#for#resolving#fraud#allegations#from#inception#to#disposition,#including#obtaining#evidence,#interviewing,#writing#reports,#testifying#to#Findings,#and#assisting#in#the#detection#and#prevention#of#fraud.##
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Fraud&Examiner&&&&&&&
&&&&&Lawyer&&&&&&&&&&&&&&&&&&&&&&&&&&Accountant&&
&
&
Criminologist&&&&&&&&&&&&&&&&&&Investigator&&
#
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Cer?fied&Fraud&Examiner&(CFE)&
&&&! 10&hours&to&complete&the&CFE&Exam.&&! Each§ion&is&allocated&a&maximum&of&2.6&hours&to&complete.&&! Each&of&the&four&exam§ions&has&125&questions.&! You&will&have&a&maximum&of&75&seconds&to&answer&each&question.&! You&have&30&days&to&complete&all&four§ions&of&the&CFE&Exam.&! You&must&complete&each§ion&in&one&sitting.&&
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###• Fraud Prevention and Deterrence
• Financial Transactions
• Fraud Investigation
• Legal Elements of Fraud
Cer?fied&Fraud&Examiner&(CFE)&
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151
OpenThinking&is&an&&ACFE&Authorized&Trainer&in&the&&UAE&and&Qatar&&
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Cer?fied&Fraud&Examiner&(CFE)&
#Get Certified