Fraud Prevention and Detection Warning Signs and the Red Flag System
Lessons can be learned from major fraud cases. Whether the victim is a company public agency nonprofit foundation or charity there is a high likelihood that many of these frauds could have been prevented or detected sooner if early Red Flag warning signs had been identified and acted upon. Fraud Prevention and Detection: Warning Signs and the Red Flag System will enable officers and directors internal and external stakeholders as well as outside analysts to protect themselves and their organizations against fraud by effectively detecting analyzing and acting on early Red Flag warning signs. Based on an empirically tested strategy the Red Flag System reflects the authors’ more than 100 years combined experience in the investigation of fraud in high-profile global cases in North America Africa Europe and the Far East. Readers of this book will:Acquire a general awareness of the nature characteristics and dynamics of fraudUnderstand the process for determining whether a fraud has been committedDevelop an understanding of enterprise risk management approaches for fraud risk management compliance risk management and managing the risk of fraudulent financial reporting—including an understanding of the limitations inherent in these approachesLearn how to find Red Flag indicators of fraud or suspicious transactions in financial statements budgets and contractsKnow how to ensure that once a Red Flag has been identified appropriate action is takenFraud can lead to significant financial loss as well as bad press and publicity with significant reputational impact for officers directors corporations and their stakeholders. This book’s no-nonsense approach empowers those charged with protecting organizations to stop these frauds before the organization’s livelihood is jeopardized or to mitigate damage when fraud has occurred. | Fraud Prevention and Detection Warning Signs and the Red Flag System
