Financial Fraud Analysis and Investigation

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One of the most unsavory aspects of globalization and a growing economy is the aspect of white-collar crime. In every industry, and in every aspect of the business world, there is the potential for a financial fraud to be carried out. Whether it is the P2P (Procure-to-Pay) or the Expense Reimbursement or the Payroll System, every accounting process can have control weaknesses. An insider or even a knowledgeable outside with a strong enough motive and opportunity can attempt to defraud the company.


Transaction Data Analysis

Transaction dumps can be analyzed using data models and hypothetical fraud scenarios to detect anomalies and suspicious transactions. Using advanced fraud detection techniques such as Benford's Law, and in consultation with audit teams we analyze historical data. With the help of tools such as IDEA and advanced data selection queries, macro-based models can be built to analyze the given set of data, as well as to provide the client with an easy-to-use set of functions for fraud analysis.


Risk Analysis & Fraud Scenarios

  1. Double payments or payments for duplicate invoices
  2. Forgotton or understated receivables, double credit notes, etc.
  3. Ficitious, inflated, or duplicated payables
  4. Irregularities in cash and bank transactions detrimental to the company
  5. Possibility to hack into the ERP or accounting systems and change the data
  6. Any other control deficiency which could result in a financial damage

Post-investigative Implementation

Once the risks have been identified either through a study or through an in-depth fraud investigation, we will work with the organization to fix the issues and implement the controls. Typically, any successful fraud exposes a number of control weaknesses in the financial processes. Controls should be of preventive as well as detective nature. We should be able to answer the key questions - how do we make sure this never happens again, and how would we know if somethign like this is taking place?


Our Expertise

Our expertise in this area stems from our close association with one of the country's leading fraud experts - Mr. Chetan Dalal a Chartered Accountant, Certified Fraud Examiner, Certified Information & Systems Auditor & Certified Internal Auditor. Mr. Dalal has vast experience in Fraud Detection, Forensic Accounting & Anti-Fraud Controls Implementation. We have carried out numerous assignments jointly combining the expertise of financial fraud investigation with digital forensics to recover trails that have been attempted to be wiped out by the perpetrators of the fraud. Previous assignments have covered financial institutions, automobile companies, telecom companies, engineering and pharmaceutical companies.