The Fraud Survival Kit

There has been a spate of corporate failures on both the global and local front and more recently the market has been shocked by the Fidentia scandal. Fraud and corruption is happening all around us. The financial impact of fraud and theft on business in South Africa is estimated at R150 billion annually. No business is immune to the threat of fraud and very often it is one’s most loyal and trusted employees that are secretly siphoning off company funds.

It is becoming increasingly important for organisations to be acutely aware of the fraud and corruption risk and the devastating effect that it can have on the business. Internal controls, policies and procedures have to be optimised to address the fraud risk. It is also critical to ensure that anti fraud measures are proactively initiated to address the key risk areas in order to prevent fraud. As with most things in life, prevention is a lot cheaper than cure.

ENS Forensics (Pty) Ltd, in association with MD, has collated a series of articles which will be useful in assisting clients to understand the profile of the typical fraudster and some of the fraud theory, highlighting some of the best ways to manage the fraud risk. The articles were prepared by Steven Powell, the head of forensics at Edward Nathan Sonnenberg and a former specialist fraud prosecutor.

The articles which you will find attached to this newsletter include the following:

  • Inside the mind of a convicted fraudster – a case study of a chartered accountant who ended up serving time in Malmesbury Prison. The fraud theory is also neatly set out and explained in the article.
  • Summary of the Prevention and Combating of Corrupt Activities (Act 12 of 2004)
  • Fraud update powerpoint
  • Anti – fraud measures in South Africa

Ensure that your organisation does not become another victim of fraud and by taking the time to read through the material. If you need further advice or support please do not hesitate to contact Steven at (021) 410 2500 or 082 820 1036, alternatively via e-mail at spowell@ens.co.za .

https://www.mdacc.co.za/news/The%20Prevention%20and%20Combating%20of%20Corrupt%20Activities%20Act%20(12%20of%202004).pdf

https://www.mdacc.co.za/news/Inside%20the%20mind%20of%20convicted%20fraudster%20-%20best%20copy.pdf

https://www.mdacc.co.za/news/Fraud%20and%20Coruption%20breakfast%20version%202.ppt

https://www.mdacc.co.za/news/Anti-corruption%20measures%20in%20South%20Africa%20Africa%20investor.doc

(all documents will open in a new window, alternatively right click “save target as”)

Should you require any further information, please do not hesitate to contact us.

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