Monday, 20th December 2010Kyria Ali Educates Rotary Sunrise of Road Town

Presentation on Fraud Prevention

Ms. Kyria Ali FCCA CIA CFE, Head of Business Advisory for Baker Tilly (BVI) Limited was the guest speaker at the Rotary Club Sunrise of Road Town on Tuesday 14 December 2010. She spoke to the group about fraud, its impact on today's world, red flags and methods of prevention.

She provided the group with key and interesting statistics as well as highlighted a few ways in which fraud could be prevented in any organisation.

Kyria stressed to the group that despite popular belief, every organization, regardless of size or nature, is susceptible to fraud. She further stated that it is a common risk that should not be ignored. She emphasized to the audience that fraud is now so common that its occurrence is no longer remarkable, only its scale.

The listeners were provided with quite a lot to consider as they continue with their daily work.

The following were 10 quick tips which were provided to the group of professionals:

1. Accept that fraud can occur in your organization!
2. Educate employees about the company's fraud prevention and detection policies and procedures
3. Perform and review monthly bank reconciliations; ensure that the reviewer is senior to the preparer and that there is accountability for performance of these functions.
4. Test the company's compliance with its written policies and procedures, using an independent and qualified assessor, such as a CIA or CFE.
5. Ensure disciplinary action is taken when instances of non-compliance are noted.
6. Asses the adequacy of your company's fraud oversight and fraud risk management activities, through the use of an independent CFE.
7. Ensure that senior management takes vacation for at least 2 weeks at a time and are NOT involved with work during that time off.
8. Adequately prescreen employees and perform background checks prior to hire; and treat your employees fairly.
9. Provide employees with a method of reporting fraud.
10. Develop a relationship with a CFE so that you can obtain sound advice, develop, enhance or assess your risk.

Kyria is a highly experienced forensic and internal auditor. Should you require further information on this matter, she can be contacted at kali@bakertillybvi.com or at 1-284-494-5800 ext 226.