Organizations should put in place what is known as the “Fraud Policy” to spell out what constitutes an act of fraud by staff, vendors/suppliers, management and owners. The policy would facilitate the development of controls that will aid prevention and detection of fraud.
Fraud is defined as the intentional false representation and concealment of material fact for the purpose of inducing others to act upon it to his or her injury.
The course satisfies the PEP Model (Prevent Expose Prosecute)
- What constitutes an irregularity or suspected irregularity and by who
- The scope of the policy
- Actions constituting fraud
- Investigation responsibilities
- Authorization for investigation
- Reporting procedures
- Fraud Hotline