Economic crime continues to be a dominant item on the business agenda, and no industry sector, region or size of business is immune. Fighting fraud has progressed from being an operational or legal matter to a central business issue.
The corporate environment in Pakistan is tackling a wide range of issues; pervasive technology, escalating expenditure, procurement irregularities, weak revenue streams, increased demand for value and weak governance. This state is worsened by fraud and corruption, which causes financial losses, reputational damage and erosion of employee morale. These have been occasioned by advancements in technology and rapid improvement in skill sets and creativity of perpetrators. As a result, greater challenges are faced in responding to and curtailing fraud.
Today, there is increased demand for applications and skill sets of forensic auditing and investigation to establish and maintain an effective system of internal control to prevent, deter and detect fraud. Auditors, both external and internal, must have a thorough knowledge of fraud detection and prevention to effectively fulfill their mission. They need to be alert for any red flags that could be indicative of fraud, improper or unlawful expenditure, unauthorized operations, and inefficiency. Last, but not least, accountants need to maintain an in-depth knowledge of fraud and how it can be detected and prevented in order to maintain the financial integrity of any organization, large or small. Pattern of fraud and an overview to driving value through artificial antelligence will also be touched upon during the day.