Developing a Fraud and Corruption Control Plan
Fraud, bribery and corruption is more prevalent than most board members and senior management realise. Surveys conducted over recent years in Australia show quite clearly that the larger the organisation, the greater the losses to fraud and corruption.
Fraud, bribery and corruption can destroy an organisation’s reputation, shake investor confidence and result in civil and criminal prosecution of directors and management. The impact of fraud upon an organisation can be devastating.
With corporate governance under intense scrutiny, the market is looking to company directors and management to stamp out corporate fraud, and regulations are tightening to support this.
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What is good fraud governance?
- a strong and clear message from senior executives and non-executives who are prepared to lead by example
- clear policies and standards
- knowledge of the key fraud risks
- effective fraud and corruption reporting
- awareness training; and
- the development of a strong culture of ethics and honesty.
The performance of an organisation can be improved through an organisational-wide application of a fraud and corruption strategy that incorporates these elements.
All organisations should have a Fraud and Corruption Control Plan. It is necessary to ensure that a thorough review has been conducted of all preventative and detective functions within the organisation and that responsibility has been allocated for review and maintenance of these functions.
With corporate governance under intense scrutiny, the market is looking to company directors and management to stamp out corporate fraud, and regulations are tightening to support this.
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How can we help?
Warfield & Associates can assist you in developing a Fraud and Corruption Control Plan and help ensure that it is properly communicated to stakeholders. We ensure that your plan is tailored to your organisation and is consistent with the Australian Standard on Fraud and Corruption Control AS8001-2021.