Fraud is not new for any business. There will be hardly any organization in the world, that haven’t faced this scenario Fraud is not usually done by business partners, but it can be done by people inside the organization or other external stakeholders like suppliers, customers etc. Every organisation wants to prevent them from fraud and there are many anti-fraud measures implemented by the organisation. Again, where there will people, it will be the risk of fraud. Not all people are corrupt and usually the maximum number of employees in the organization work with integrity. Still a single person can easily pull out the fraud that can create distrust between organization management and its employee. Nowadays, the size of the organization is becoming global and there are thousands of people working in them. To prevent such frauds, it is important to implement strong controls over processes. The strong control will make it difficult to conduct and fraudulent activity. But to prevent fraud from happening, organization must-have resource who will keep an eye on all the activities and investigate any anomaly in them. This has elevated the importance of forensic auditor in Sydney for businesses. Now every big corporation, hire the team of forensic auditor even small firms also hire them, on a project basis. Otherwise, just believing people based on their integrity, sometimes damages the organization reputation and financial. The forensic auditors play their critical role in certain areas like;
Process Control: The company is operating in different cities or countries. They have to ensure that their business and accounting operation must run in a controlled way, where the chances of deviation should be minimum. The forensic auditors are appointed to keep a constant eye on the processes and pinpoint any deviation. That incident will be investigated and documented. This will help to make people accountable for their actions and they will be cautious to deviate from giving procedure. This increase the internal process control and with the help of strong process control, the business can operate in different regions with the same operational practices.
Early Fraud Detection: Strong process control will lead to less deviation from the process. If every deviation will be noted, it will lead to less fraudulent activity. This can also help to detect any fraud in its earlier stages, so the malpractice can be stopped. The forensic auditor will investigate to find the person responsible for the act and will prepare the report with evidence. Early fraud detection mechanism will prevent the fraud in the company and also the people will always comply, because of efficient fraud detection. With strong process controls and timely fraud detection, the company can save a lot of money.
Acquisitions: Acquiring other business, is common in the business world. Large firm acquiring a small one needs to conduct the forensic accounting in Sydney. Because they have to ensure all the provided information is correct and the finances shown in their report is authenticated. This will help to acquire the company to prevent themselves from any fraud information, which will damage their reputation or financial in future.