Fraud prevention – involves those strategies designed to prevent fraud from occurring in the first instance

Assessment Activity 3

Review Fraud Control Activities

Fraud control requires the implementation of a number of control strategies which contribute to an effective fraud control framework, two of which are fraud prevention and fraud detection.

• Fraud prevention – involves those strategies designed to prevent fraud from occurring in the first instance.

• Fraud detection – includes strategies to discover fraud as soon as possible after it has occurred.

Consider the following specific examples Fraud

• Unauthorised private use of the organisation’s motor vehicles.

• Using client money for private benefit.

• Inappropriately manipulating allowance payments.

• Falsifying travel claims or cab charge vouchers.

• Falsifying timesheets.

• Conspiring unfairly with others to get a tender.

• Running a private business in working hours.

• Stealing equipment or supplies from work.

• Accepting bribes or favours to provide a service or forgo a regulatory compliance function.

• Accepting bribes or favours for turning a blind eye to a service provider who does not provide an appropriate service.

• Sending false invoices.

• Failing to send bills for services provided to clients who are relatives or friends.

• Misappropriating fees received from clients and not issuing receipts to those clients.

Answer the following question thoroughly by providing full explanations and workplace examples where relevant.

1. With each of the specific examples of fraud above, provide examples of control strategies that might be used to prevent the fraud from occurring in the first instance.

2. With each of the specific examples of fraud above, provide examples of control strategies that might be used to detect and discover the fraud as soon as possible after it has occurred.

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