What can you do to prevent fraud?

Fraud prevention can be anchored around two areas – strong internal controls and a hotline. Internal controls are single most effective measure to assist in deterring fraud. Hotline is the most effective method to detect fraud. An internal control review can suggest cost effective ways to strengthen your internal controls.

Other employees expose most frauds as a result of tips and complaints. A 2012 report in the United States showed that fraud was much more likely to be detected by a tip than more traditional methods such as internal audits. An interesting note is that in frauds committed by owners and executive, which are generally the most costly frauds, over half the cases were identified by a tip. The report also found that having a hotline could reduce fraud losses.

How we can assist

Our highly trained team can provide ethics training. Monitoring services on a periodic basis throughout the year and assist you in setting up a free hotline. JSA Consulting utilizes a confidential reporting process, which provides information about a transaction. We will work with your company to research the alleged transgression and seek to improve the situation by identifying what has happened, why it happened and how to prevent it from happening in the future. We offer antifraud services in all three critical phases of fraud protection.

Fraud protection improvement – detailed analysis of anti-fraud practices, systems and policies resulting in recommendations for and/or development of improved policies. Training of Board members, management, department heads and supervisors. Assistance in implementing anti-fraud practices, systems and policies.

Monitoring – a specialized form of internal auditing devoted to periodic evaluation of organizational compliance with anti-fraud policies and analysis of indicators of fraudulent activity. The results of our work will be communicated to appropriate levels of management. JSA Consulting has assembled, trained and developed a team of professionals with variety of pertinent skills and backgrounds to provide antifraud services.

Investigation – If fraud or abuse is suspected or alleged, JSA Consulting can assist with performing all investigative services necessary to maximize your recovery of lost resources and testify against the perpetrators. In addition, JSA Consulting can setup a confidential tip-line that be used by your employees to report any potentials concerns within your company. A complaint form can be utilized to report allegations fraud, corruption or abuse. These complaints will remain confidential.