Fraud and corruption posses a big threat to corporate success. As custodians of financial resources, the accountants’ role is more than writing cheques and books of accounts. The role has evolved to include implementing policies and procedures aimed at preventing fraudulent practices, and where a fraud occurs, implementing controls to prevent re-occurrence. To discharge their role effectively, accountants must acquire fraud prevention and management skills. One of the ways of managing corruption and fraud is through public awareness of the risk. In these anti-fraud and corruption series, we explain how fraud and corruption occur and ways of managing the risks.…
The sophisticated “Christian”
This case study explores the role of forensic accounting in fraud detection and the need for internal auditors to adopt a forensic investigation approach. Learn the importance of standing on your foot as an accountant by insisting that your superiors put all their requests or instructions for money in writing. The golden rule is simple — don’t give away cash unless it is receipted or signed for. NB: All names and dates are not real for client confidentiality. When I was in prison, visiting, an inmate came right after my presentation and said: “Sir, I really appreciate your talk on…
Accounting crime and fraud challenges
When I was in prison, visiting, an inmate came right after my presentation and said “Mustapha I really appreciate your talk on in-mate reformation. But how do you advise someone like me serving a jail term for a crime I never committed?” This was my first face to face with a victim of fraud, 10 years ago. Then an Accounts Officer at a local NGO, the victim was serving a jail term for misappropriation of petty cash. He was a young accountant in his first job. He explained to me that he had been requested by his supervisor, the Finance…
Genuine or scam: developmentchannel.tv; trading as Uganda Poverty Alleviation Program (UPAP) in Uganda – be aware
There is no easy money, and of course no free lunch. There are lots of fraudulent schemes. You must stay awake all day. Otherwise, chances of losing your hard-earned money are high at any lapse of common sense. As they say, “If it looks too good to be true, it probably is (too good to be true).” With high unemployment rates in Africa, people are thinking [innovatively] how to defraud others of their hard-earned money. You need to have a mindset of being cautious whenever presented with an investment opportunity to make quick cash. If it is that too good,…
