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Posted On: 20 December 2009 01:10 pm
Updated On: 12 November 2020 02:10 pm

‘Make fraud prevention top priority’

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Institute of Internal Auditors (Qatar chapter), in association with Scientific Accounting Association, held a seminar on “Managing fraud risks - a strategic approach” at the Millennium Hotel recently. The presentation was made by Wayne Fergusson, director of KPMG, who recently moved to Qatar from South Africa. Fergusson said that fraud prevention should be an organisation’s strategic initiative and a structured forensic review by an expert can, to a great extent, reveal its vulnerabilities. “An organisation’s policy framework should encompass transparency, consistency and guidance related to ethical conduct and other do’s and don’ts for employees,” he added. Regarding fraud detection what matters is the effectiveness of the audit staff and management to spot red flags, whistle blowing policy, risk identification process and monitoring methodologies, he pointed out. Fergusson said that the Middle East was not insulated from fraud though comparatively less in terms of incidence reporting. “However, global events like the current financial crisis create fear of loss of one’s job and that could affect mentality of people,” he added. He cautioned that employees leaving the organisation carry with them the intellectual capital in terms of company procedures and practices which were susceptible for misuse. IIA senior vice president Robert Abboud chaired the meeting. Chandana, member of the seminar’s committee, co-ordinated. The IIA (Qatar chapter) is working towards second internal audit conference next year and a committee headed by Chris Adonis has been formed for the event.