Fraud Risk Assessment
Fraud Risk Assessment Others Kuala Lumpur (KL), Malaysia, Selangor, India Service | Alliance IFA (M) Sdn Bhd
All organizations are subjected to fraud risks and are required to complete a fraud risk assessment for their organization. at regular intervals to minimize this risk. A need for regular fraud risk assessment is necessary for Finance and Accounting, Human Resource Management, Contracting and Purchasing, as information technology play a significant impact on fraud risk due to inherent limitation of internal control.In the past, we have provided valuable guidance by identifying areas where modifications were needed to meet the needs and complexities of organizations. This has helped business enterprises identify areas where fraud may occur and identify the likely perpetrator. Our reviews and assessments have also identified the possibility of collusive fraud. Since collusion negates the control effectiveness of segregation of duties, it is essential to have detective controls augmented with preventive control.

Our professional reviews and risk assessment questions include:

  • How one can exploit weaknesses in the system of controls
  • How could a perpetrator override or circumvent controls
  • What a perpetrator can do to conceal his misdeed and how long can it remain undetected
With this in mind, a fraud risk assessment is done to identify the area where preventive measures are needed to avoid surprises.

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