Parneet Toor

Blog:Summary Of Data Analytics class

Internal auditors with data analytics experience are becoming the rock stars of the profession. Not only are they in high demand among leading companies.

We learnt about ACL Analytics which is a data extraction and analysis software used for fraud detection & prevention, and risk management. By sampling large data sets, ACL data analysis software is used to find irregularities or patterns in transactions that could indicate control weaknesses or fraud. While doing ACL labs I learnt how to navigate through the application and earned basic analysis skills.

I learnt and performed Benford analysis where I analyzed the probability that the first digit of a number 1 is about 30% while the probability the first digit is 9 in each of the four places in any number. Benford’s law tests only the frequencies of the digits and it successfully created a table that counts transaction amounts that start with digits 1 through 9. Developed a fraud policy for the company was a great opportunity.

Study about fraud different fraud defense methods, Importance of fraud prevention, create a culture of honest, Hire right to reduce risks, assess and mitigate fraud, detect fraud early, approaches to fraud investigation, Options for legal actions in US. Recognizing the Symptoms of Fraud. Investigating Theft. How do perpetrators convert and spend stolen funds.Government records can assist in the following the financial tracks of the suspected perpetrators.

Blog: Investigating theft and fraud at workplace

Once have positively identified a suspect of theft or fraud, you might wonder what next steps to take. It’s always best to act immediately and hiring a private investigator is a logical and effective first course of action.

When conducting an internal investigation, it’s good practice to place the suspected employee on administrative leave, suspend them or temporarily transfer them to another location. It is completely lawful to gather evidence against an employee through various surveillance tactics; both covert cameras and undercover surveillance teams may be necessary. Video evidence of a theft is the most solid in terms of proof, but witness statements may also be used. A private investigator may check an employee’s financial records, computer files and work e-mails to back up video findings. Careful documentation and confidentiality with interviewees is very important to prove that evidence has not been tampered with. Once the theft or fraud is proven, you will likely want to terminate your employee’s employment. Make sure that you follow all legal guidelines to avoid any wrongful termination lawsuits against your company.