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How much difference would 5% of your annual revenues added to your organisation's bottom line make? Given the tight margins that exist in most industries 5% could be the difference between booking a profit or a loss and 5% is the amount that experts estimate is lost on average to fraud each year by most organisations. Organisations that have a proactive approach to fraud prevention significantly reduce their losses to fraud thus achieving an edge over their competitors.
Over 42% of frauds are discovered by tip-offs and only 3%, at best, by external auditors yet many organisations continue to depend on their auditors to uncover incidents of fraud. In our view the single most important step that an organisation can make to detect fraud is to implement a sound whistleblower mechanism for staff and other third parties.
You have just received an anonymous tip-off that a trusted employee has been misappropriating assets from your organisation. What do you do? Who do you tell? While fraud is almost certain to affect all organisations it is still not an everyday occurrence and without a fraud response plan there is every chance that errors will be made in the initial response that will have a significant negative impact on the outcome of the investigation.
Forensic accounting is defined as that specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. "Forensic" means "suitable for use in a court of law", and it is to that standard and potential outcome that forensic accountants generally work.
"Robert investigated an investee company for us and uncovered deficiencies in accounting procedures particularly in respect of revenue recognition in long term contracts. This was instrumental in the non-completion of €1.5m investment by our firm."
'Rob and Róisín at FraudEdge helped us to design and implement our Fraud Management Strategy so that it is an integral element of our management routine. They are responsive and always ready to take a call and we love their service as well as the results
...highly recommend him
'Robert Kelly has an enviable eye for detail - he has looked after my business accounts for many years and looked after my interests in a recent takeover. His advice was accurate and his analysis of the figures was excellent - he is a man of integrity and ethics and I would highly recommend him
Testimonials are curated by FraudEdge Limited, Chartered Accountants and are not independently reviewed or verified.