Fraud Investigation Audit Services in Dubai, UAE

Fraud Investigation Audits Services in Dubai, UAE

“Fraud” going by the dictionary definition it is wrongful or criminal cheating intended to result in some gain. Fraud is always well planned and hence Fraud Investigation is a difficult task. Fraud Investigation is a process to identify & determine the scam that is done, by whom it is done and to what extent it has impacted or affected the business as a whole.

What is Fraud?

Fraud is a falsification of records or documents with the intention to deceive others. Fraud is generally against the business at a large or sometimes with a motive of taking revenge against a specific person. Fraud is the biggest risk that any business may face and can have very adverse effects like loss of reputation, financial loss, damage, embarrassment, etc. Fraud is generally committed by as employees, vendors, customers or other persons in relation to them. Such frauds are mainly against the business or the company in order to gain some undue advantage, financial gain, or with an intention to spoil the goodwill and reputation in the market. Fraud Investigations are complex because they are well planned. Hence, it can be identified only with the minute inspection.

Who initiates a Fraud Investigation Audit?

Initiating a Fraud Investigation Audit

Emirates Chartered Accountants Group - Professionals in Fraud Investigation Audit Services in Dubai, UAE.


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Pradeep Sai | Partner
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Why is Fraud Investigation Audit required?

Fraud Investigation Audit is investigating a fraud which is very much required to identify the exact depth of committed fraud. The areas where the same has impacted. It is also very much necessary to identify the loop-holes or gaps due to which such Fraud took place. Fraud Investigation Audit would help a company in assessing the actual loss incurred to a company in terms of financial & non-financial aspects. A detailed Fraud investigation report along with evidence could help in a legal proceeding (if any) carried out against it.

Who initiates a Fraud Investigation?

Generally, Fraud Investigation is initiated by the Management of the Company, Shareholders, Board, Trustees who order for the Fraud Investigation. When any of the mentioned Parties come across any doubt or instances of fraud, Investigation is ordered or initiated.

What are the different types of Fraud?

Majorly fraud can be classified as Civil or Criminal fraud. However, there are multiple subtypes of fraud that can be committed depending on the nature and type of business. Below mentioned are some of the examples:

Cash theft: Stealing cash from the counter by destroying invoices or Pocketing cash by showing cash transactions as credit.

Forging Cheque: Forging a signature on the cheque and self-withdrawing money

Manipulations: Manipulation with supporting documents and accounting fraud

Stealing Inventory: Pilferage of stock/inventory by employees

Asset theft or misappropriation: Using the company’s assets for personal benefits or for employee’s personal business

Reimbursement fraud: Claiming same expense one than once. Attaching forged supporting documents

Payment frauds: Salesman showing fake or dummy sales for more commission and reversing back the same in next months.

Bribery: Suppliers & vendors bribing employees to buy only their products

IT Fraud: IT and Internet fraud for personal benefits

Fake Suppliers: Creating fake suppliers in the books and making payments for goods/ services not availed.

Payment to Dummy Employees: By preparing dummy timesheet. This can happen with sub-contracting services where manpower supply is outsourced.

Fake Claims: Employees may charge personal purchases in the company name and record in the company’s books of accounts.

Payment frauds: Salesman showing fake or dummy sales for more commission and reversing back the same in next months.

Charities fraud: Showing dummy charities and embezzling the company funds.

Fake jobs and recruiter

Important Data theft: Stealing Contact details or confidential details of the customers and vendors to either sell or for self-use.

Steps while conducting a
Fraud Investigation Audit

Once the case of fraud is noticed, the proposed steps in Fraud Investigation Audit may involve:

  1. Assessing the case to identify the type of fraud committed, parties involved
  2. Setting up an Investigative team
  3. Set the timeline and strategy
  4. Interview employees or members of organization/ company/ business or external parties as well if necessary
  5. Gather evidence and supporting information for detailed checking & due diligence
  6. Co-relate or interlink the responses in the interview with the collected evidence
  7. Identify the gaps or differences
  8. Write the Fraud Report
Our role in Fraud Investigation Audit

At Emirates Chartered Accountants Group, we have a specialized qualified team to undertake the Fraud Investigation Audit assignments. On understanding the case and situation of fraud we structure the team in a way that the case could be handled very diligently.

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Fraud Investigation Audit -FAQ

People usually ask

Ans: With strong Internal Controls in the Company can help in preventing & detecting frauds. With regular monitoring of system can help in preventing fraud.

Ans: Yes, the Fraud Report is mandatory to report the case and carry legal proceeding.

Ans: Yes, the Fraud Report is mandatory to report a case and carry legal proceeding.

Ans: Yes, Data theft will amount to cybercrime.

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