FRAUD

INVESTIGATIONS

 

Fraud Investigations and forensic accounting

 

At our firm, we aim to protect clients’ interest by working on the two most significant areas of internal control and fraud prevention:

  • Internal controls, bribery and corruption risk reviews and

  • Anti-money laundering safeguards

 

Companies are under increased pressure to improve their anti-bribery and corruption compliance programs, to prevent and detect potentially, improper payments, that put the company at risk. It is for this reason that Anti-corruption compliance continues to be a top priority for board directors, audit committees and senior management.  

 

According to the Association of Certified Fraud Examiners (ACFE), almost 50% of fraud and corruption is detected by tip offs or by accident. Only 14% is detected by internal or external audit. This is because most audit tests focus on the traditional rules based queries and analytics’ that were designed for process and controls-related testing. These traditional tests are not intended as an effective means for identifying high-risk transactions that may indicate the presence of bribery and corruption, as these types of schemes often involve the circumventing of existing controls.

 

For bribery and corruption, new approaches to data analytics are needed and prevention is better than cure. Imagine the reputation and compliance risk a company will face if it becomes headline to such cases, not to mention the likelihood of fines and penalties that will be levied by the relevant regulatory authorities.

 

We team up with industry expert and can help clients:

  1. Comply with legal and ethical obligations to protect information

  2. Monitor and maintain integrity and privacy of information throughout the business cycle

  3. Mitigate the risk of irresponsible, fraudulent and abusive behavior, and detect it retrospectively

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Financial investigations and data analytics

 

We team up with industry professionals and combine our financial audit and business experience with their state of the art technologies and investigators to investigate suspicion of fraud. We have training in forensic data analytics like Access Data, and partner with experts in Caseware Idea and EnCase to work to identify scenarios where fraud risk might be high, and formulate strategies, procedures, and internal control reviews to protect our clients’ interest.

 

We and our partners also conduct investigations behind the scene third party background checks, to identify risky suppliers relationships, internal data theft by employees and shareholders dispute cases. Shareholders disputes often involved wrong doing by one party and the ability to collate useable evidence will often make or break a case.
 

We can help clients conduct:

  1. Financial statement fraud investigations

  2. Employee, supplier, customer fraud investigations

  3. Compliance audits under PN820 for financial intermediaries like brokers

  4. Audit committee investigations

 

© 2016 by T.K.Tong & Co.