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Fraud in The Workplace

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ow ones s uWorld

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ow ones s uWorld

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Fraud is: Any illegal act characterized by deconcealment or iolation o! trust" #erpe

by indiiduals, parties and or$anizationsecure personal or business adanta$e'The (nstitute o! (nternal Auditors )((A*s

-eception deliberately practiced

iew to $ainin$ an unlaw!ul or un!airadanta$e&'Webster*s .eised /nabrid$ed -iction

Fraud is any intentional act or omissi

desi$ned to deceive others, resultin$ictim su0erin$ a loss and1or the perpe

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A2F3 F.A/- 24A55(F(2A

5ource: Association o! 2erti7ed Fraud 38aminers

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a s or p acFraud

Source: ACFE 2010 Report to the Nations on Occupat

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Types o! Fraud 38plained Fin5tatement Fraud

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Types o! Fraud 38plained 9ri2orruption Fraud

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Types o! Fraud 38plained A;isappropriation Fraud

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Who 2ommits Workplace

Source: ACFE 2010 Report to the Nations on Occup

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How is Workplace Fraud -isco

Source: ACFE 2010 Report to the Nations on Occupat

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#ick the Fraudster

;elissa A$eB@

MB"? ;illion oer C years2hie! Financial ONcer

#ublically Traded HeadJ#hone;!$

-arryl " ;c2auley> A$e BMM"K ;illion oer C yrs

2elebrity ;ana$er #ublicist2omedian )and brother+ -ane

2ookGacations, 2ars, .estaurant,

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Fraud*s 2ost

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What is behind Workplace

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What is behind Workplace

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(s it FraudP

-eliberate hidin$, nonJdisclosure, or supprmaterial !act or circumstance )which one ismorally bound to reeal+ with intent to dec

de!raud in a contractual arran$ement"

A company owns a pipeline se$ment locateddrou$htJstricken area" The area has been u

conditions !or three )M+ years" Historically, mthe pipeline se$ment has been e8pensie benumerous Qood conditions" The company udrou$ht to its adanta$e and initiates a salese$ment" Althou$h the acRuirin$ company site inspection, the drou$ht conditions resul

historical Qoodin$ issue not bein$ detectedproblem was not !ound in the inspection thesellin$ the asset decides to keep Ruiet& andhi$her sellin$ price than they would hae reQood condition was known"

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(s it FraudP

Automobile insurance is $enerally a contrindemnity&" The principle o! indemnity is to! restoration a!ter a loss" (t restores the into the ori$inal position he was in be!ore thoccurred"

Iou are driin$ your car and $et hit by an indrier" Iou take your car to the repair shop

you a Ruotation to $et the dama$e 78ed" Thcompany approes and pays the claim" Iou e8pect to repair the dama$e, instead you wthe money and not hae the ehicle 78ed" Adries O= and you don*t care about a little dand there"

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.ed Fla$s !or Frau

H 4 F d

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How to 4essen FraudGulnerability

a you uspe

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a you uspeFraud