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Case Studies The UN Oil for Food Programme
FRD for a large multi-lateral donor
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Our Services Proactive Fraud Risk Diagnostic (FRD) The trend in external audits in the US has included increased emphasis on consideration of financial irregularities, specifically including fraud. This is a result of legislative and regulatory initiatives in the wake of notable failures, such as Enron. The developing world is also moving toward an elevated sensitivity regarding the human and economic costs of fraud. However, there is much to be done. Based on extensive experience in forensic accounting, audit and technology, FAI has developed a comprehensive set of tests and procedures aimed at determining fraud indicators in the three main stages of development programs: procurement, implementation, and financial management. The Fraud Risk Diagnostic (FRD) makes use of the accounting, auditing, interviewing and technology skills honed from dozens of major investigations. This diagnostic goes beyond the typical audit tests and analytical procedures employed as part of the auditing process. Read more about the FRD process here and how it might work for your programs. Reactive Investigations in FCPA and other contexts Forensic accountants and investigators are typically engaged subsequent to the receipt of allegations or the identification of specific frauds. FAI staff have decades of experience in performing reactive fraud investigations and have taken part in some of the largest such investigations in history, including the United Nations Oil-for-Food investigation and the investigation of Worldcom Inc. FAI's team of forensic accountants, forensic technology experts and experts in investigative interviewing can quickly deploy to sites around the world to get the answers you need. With the FAI team, you are getting real world experience from highly trained subject matter experts at a substantially reduced cost compared to larger consulting firms.
Training and Audit Plan Development We believe that no one audit or review will help mitigate the risk of fraud and corruption throughout a program's lifecycle. What is needed rather is a comprehensive set of controls and review procedures, both on the ground and at HQ, to help ensure that the risk of fraudulent activity is detected and corrected on an ongoing basis. Our extensive experience as accountants, auditors and investigators has provided us with insight and clarity into which control systems work and which ones don't. As such, we can assist your program on the ground as well as your internal audit and investigative groups at HQ to design and execute reviews that are most likely to detect errant behavior. Random or rotating sample testing of transactions and locations often results in a "too little too late" scenario. Our team can help you better, manage your investigative and audit resources to ensure that you unlock the full potential from these groups. |
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