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Effective Whistle-blowing Hotlines

Hotline pitfalls and solutions from the implementation stage to the commencement of an investigation. Whistle-blower is a term that is most dreaded by all concerned, but in hindsight it has a lot of benefits for everybody. Fraud is an ongoing activity and sometimes it comes to notice after many years. It is an activity that is deleterious not only to the health of…

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Fraud Detection and Data Analytics

CAEs in the Middle East are increasingly expressing interest in deploying Data Analytics to detect fraud and irregularity. Popular audit software contains basic Data Analytics tests, and many CAEs are keen to explore how these can be developed and tailored.   Proactive Data Analytics is one of the principal tools in fraud detection and prevention. The Association of Certified Fraud Examiners…

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Adjusting the Lens on Economic Crime in the Arab world

Overview Economic crime continues to evolve, leading to added risk, increased regulatory compliance demands and burdens on businesses. This increasingly complicated landscape creates challenges for organisations seeking to balance resources and growth. Although not universally defined, economic crime is taken to consist of crimes impacting organisations such as Fraud, Bribery & Corruption, Anti Money laundering, Cybercrime and Market Abuse. PwC’s newly published Middle East Economic Crime…

Preventing Procurement Fraud in Construction

A high-risk fraud environment is typified by heightened pressure and opportunity. When these factors are considered on an industry basis, the Construction sector rates highly, particularly in the procurement cycle. From award to execution, employees and external parties (agents, suppliers, and competitors) have significant opportunities to commit procurement fraud. In the Middle East, these risks are heightened by region-wide growth, an influx of government funded infrastructure projects,…

Conversations with Colleagues

Dr. Khalid Al-Faddagh An experienced business leader and advocate of anti-corruption talks about fraud risk and the role of internal auditing. In an exclusive interview, Internal Auditor – Middle East spoke to Khalid Al-Faddagh, Ph.D., who is a retired Chief Audit Executive (CAE) and a former CEO and a member of several boards. Dr. Khalid has over 30 years of experience in various…

Managing Fraud Risk

The best way to protect an organisation from fraud is through a proactive and collaborative approach to fraud risk management. Fraud risk impacts all organisations regardless of their size, maturity or geographic location. Large fraud schemes have brought down companies and even led to the imprisonment of owners and senior management. When fraud is announced to the market and the public,…

A Glimpse at Fraud Investigations in the Middle East

Working in the Middle East can be a very rewarding experience. It can also be a very frustrating one, especially for someone who has attempted to conduct a fraud investigation here. Varying and outdated laws, different cultures, a large expatriate community and a lack of understanding on how to conduct an investigation are some of the issues that one has to overcome. The Law…

The Fraud Triangle

Even though it has been around for many years, the Fraud Triangle is still the best way to explain why fraud occurs and is also a great way to help prevent fraud. When looking at the word ‘fraud’ within a professional and personal capacity, we instantly attach this to a number of negative connotations, at time brushing it off as just another…