A management system for the prevention of corporate fraud Nexia International Congress. Buenos Aires, Argentina. October 2006 Santiago Altman, CPA, SSCI.

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Presentation transcript:

A management system for the prevention of corporate fraud Nexia International Congress. Buenos Aires, Argentina. October 2006 Santiago Altman, CPA, SSCI

What is fraud prevention? Is Corporate Governance –…by setting a rational organizational structure. –…by setting a corporate credo and fair standards in order to rule the relationships between the corporation and its community. Is Corporate social responsibility. Is the due investigation of frauds and the dissemination of its results.

Fraud prevention approach. Traditional and proposed approach. Fraud prevention system components. Objectives. Main principles. Continuous improvement dynamic.

Approach differences Traditional approach: Challenge the internal control system with the objective to detect its vulnerabilities, or… how is possible to commit a fraud. Proposed approach: to know why the people commit frauds.

Fraud prevention system’s components. Norms Compliance control activities Disciplinary actions

Objectives 1.To reduce the likelihood of fraud occurrence. 2.To mitigate the severity, if fraud occurs.

Main principles Fraud is an illegal activity based on human relationships. Leadership and leader’s example. Understanding the gap between people and organization life expectancy. The fraud is hidden. The fraud is a normal phenomenon within the organizations. Differential association theory

Governance structure proposed 1.Corporations must set a Disciplinary function and completely segregated from executive activities. 2.Chairman, CEO, and President functions must be vested to different executives.

System’s requirements The corporate ethic code is a public document. Whistleblower protection. A Documented fraud prevention policy. A timely, planned, and documented investigation. Compliance activities results must be published, at least once a year.

Continuous improvement dynamic Policies setting Starting situation assessment Implantation planning Incident recordkeeping Investigation, corrective activities, and results dissemination. Audit review. System implantation, communication and operation. Review and approve corrective actions. Communication.

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