Live coverage from the ACFE Global Fraud Conference, including anti-fraud articles, session highlights, video clips and photo gallery.
Bethmara Kessler, CFE, a self-proclaimed troublemaker in public accounting since she graduated college, joined 33rd Annual ACFE Global Fraud Conference attendees to speak on how we can advocate for managing fraud risk in a company.
Read MoreThe COVID-19 pandemic has, undoubtedly, changed a lot of things around the world, and our worlds, in just two years’ time. With those changes in environment, a lot of the things we’ve grown accustomed to have had to be tweaked. So, in the fraud examining world, is it time to change the tried-and-true Fraud Triangle?
Read MoreIn her session titled “Root Cause or Causal Factor: Why It Matters” at the 32nd Annual ACFE Global Fraud Conference, Susann Ng, CFE, illuminated the difference between causal factor and root cause analysis. Causal factor is more granular in nature. It’s always backward looking, and there’s usually more than one contributing element. Whereas root cause is one key, underlying element of an event.
When fraud examiners understand both the causal factors and the root cause of an undesirable event, they can understand what and how something went wrong or what produced the unexpected outcome. They can then use those insights to design and implement control improvements.
Read MoreWhen you think of a fortune teller, you may picture an older woman with a scarf on her head hunched over a crystal ball or a man sporting impressive facial hair and lots of rings shuffling a deck of tarot cards. Regardless of how you picture this hypothetical fortune teller, you likely are already judging them through a skeptical lens. Fraud examiners tend to be skeptical by nature, and people who read palms, purport to talk to dead family members or promise any sort of glimpse into the future seem to promise the impossible. However, the way that fortune tellers use cold readings in their practices can have many similarities to how anti-fraud professionals approach fraud risk assessments.
In his session, “Fraud Precognition: Crystal Balls, Tarot Cards, and Other Risk Management Tools,” at the 32nd Annual ACFE Global Fraud Conference, Jack Healey, CFE, CPA/CFF, compared some fortune telling techniques to common pitfalls in fraud risk assessment. Healey, the CEO of Bear Hill Advisory Group, told attendees that when approaching fraud risks, they need to ask themselves, “Am I any better than a fortune teller?”
Read MoreIf there’s one lesson anti-fraud professionals should take from the trials of 2020, Abed Bazzi, CFE, encourages people to grasp the importance of a robust fraud risk management plan. In his virtual 2021 ACFE Fraud Conference Middle East session, Bazzi, a partner in the Forensic Services practice at PricewaterhouseCoopers, emphasized how both fraud risk and actual fraud have increased within the past year, and he urged businesses to build resilience to be ready to respond during crisis moments.
Bazzi began by explaining how the Middle East experienced a “dual shock” in 2020 due to both the pandemic and lower oil prices. These combined occurrences affected the economic cycles, increasing financial pressures on citizens and companies and heightening fraud risk levels.
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