According to Survei Fraud Indonesia 2019, it was revealed that finance and banking industries were most disadvantaged by fraud. Although the report does not mention in detail the types of fraud that occurred, based on information from an experienced investigator, Rachel Vamos, CFE , to Fraud Magazine, in general, the...
Employees are an important company asset. It is imperative for companies to be able to manage employees well, including involving employees in managing fraud risk. Based on the 2019 Indonesian Fraud Survey report, reporting is the most effective method of disclosing fraud and most fraud cases were disclosed by employees...
Fraud takes various forms; misuse of assets, bribery, embezzlement, collusion, falsification of financial reports, corruption, and others. It is a latent danger that can threaten an organization's economy, even a country's. The 2019 Indonesian Fraud Survey report published by ACFE Indonesia shows that corruption is the most common fraud in...
To survive and grow in this constantly changing world, organizations are demanded to prove their reliability and trustworthiness. Meanwhile, corruption and bribery remain as major threats for organizations. A report entitled “The World Economy on a Tightrope” compiled by the OECD said that during economic recovery, emerging markets, including Indonesia,...
Organizations have been relying on external auditors to ensure the accuracy of financial statements as well as their compliance with law and regulations. However, many cases of financial statement issues involve fraudulent activities. The external auditors do check the integrity of the financial statements, but they do not necessarily detect...
Recognizing earlier red flags is critical in mitigating fraud risk. According to Report to The Nations 2020, 85% of all fraudsters displayed at least one behavioral red flag while committing their crimes. There are seven common behavioral red flags: (1) Living beyond means (2) Financial difficulties (3) Unusually close association...
