FINANCIAL MINDS.
WE PROVIDE MORE THAN NUMBERS
AUDIT | TAX | ADVISORY

What do you know about Corporate Fraud?

• 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
• ​

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

​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​

Fraud Investigations and Reporting Services:

• Incident Management: Assess tips, complaints, and whistleblowing reports
• Fraud Investigations
• Financial Forensic investigations
• Reporting and testifying in court