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

Our head of the Fraud Investigations and Prevention Department:

Christos S. Christodoulou is the founder and Managing Director of our firm.

Mr. Christos S. Christodoulou holds the professional title of Fellow Chartered Certified Accountant (FCCA) and Certified Fraud Examiner (CFE) – member of the Association of Certified Fraud Examiners in the US and he is a member of the Institute of Certified Public Accountants in Cyprus, holding the relevant practicing certificate.  Apart of other duties he has in the firm, he leads all special audits and investigations and fraud prevention services, with a successful track record of fraud investigations including testifying in courts as an expert.