Financial Crime World

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Process Control Methods Ranked High in Effectiveness Against Fraud, Study Finds

Subheadline: Internal control review and improvement, cash reviews, inventory observation and inspection, and bank reconciliation top the list; government urged to revamp underperforming methods.

A recent study has revealed that certain process control methods are significantly more effective than others in preventing fraud. The research, which analyzed various techniques used by organizations to combat fraud, found that internal control review and improvement, cash reviews, inventory observation and inspection, and bank reconciliation were the most effective.

Effective Methods

  • Internal control review and improvement: identified as one of the top methods for preventing fraudulent activities early on.
  • Cash reviews: helped to identify and prevent fraudulent activities.
  • Inventory observation and inspection: effective in detecting and preventing fraudulent activities.
  • Bank reconciliation: ranked high in its effectiveness due to its ability to detect and prevent fraudulent activities.

Less Effective Methods

  • Integrated fraud control, organizational policy, continuous monitoring, inspection tools and methods, and protection software/application: while important, these methods were found to be less effective in preventing fraud compared to others.

The study’s authors are urging the government to take note of these findings and revamp underperforming methods. They suggest that by implementing more effective process control methods, organizations can reduce the risk of fraud and protect their assets.

Conflict of Interests The authors of the study have not declared any conflict of interests.

References

  • Alleyne VGP, Howard M (2005). An exploratory study of auditors’ responsibility for fraud detection in Barbados. Managerial Auditing Journal 1(4):1-16.
  • Apostolou N, Crumbley DL (2008). Auditors’ Responsibilities concerning Fraud: A Possible Shift? The CPA Journal 78(2):23-44.
  • Association of Certified Fraud Examiners (ACFE) (2018). Report to the Nations Global Study on Occupational Fraud and Abuse Government. New York: Association of Certified Fraud Examiners.

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