Building effective internal financial controls for better fraud risk management has been saved
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Building effective internal financial controls for better fraud risk management
A point of view
The Companies Act, 2013, has emphasized on the need for robust Internal Financial Controls (IFCs) to address the risk of fraud. However, the limited guidance provided in the Act on aligning IFCs towards better fraud risk management, has left companies to come up with their own practices to measure and address the risk of fraud.
To help companies better align their IFCs to fraud risk management measures, Deloitte Forensic’s latest point of view document titled Building effective internal financial controls for better fraud risk management shares leading practices in developing IFCs in the following areas:
1) Building a social control environment
2) Enhanced focus on consideration of fraud risks
3) Use of forensic technology and data analytics
4) Due diligence on third parties/ outsourced service providers (OSPs)
