Many corporate glitches can be avoided by understanding the crucial aspects of the risks posed by different financial crimes, issues related to corporate governance and forensic audits. Learning about these would help you resolve some of your existing problems or assist you to manage those risks and calibrate your business for the future.
‘Technical Seminar on Financial Crimes, Corporate Governance & Forensic Audit’ organized by the Managing Committee of ICAI UAE (Dubai) and sponsored by the Mayur Batra Group, explored different types of financial crimes in the corporate sector and the best rules and practices for organizations to manage their risks.
CA Badri Vishal Mahajan, Director – Business & Risk Advisory, gave a keynote presentation on ‘Smart Risk Management: How to Identify & Calibrate Business Risks’. He pointed out that frauds have not really increased but the discovery has improved. “There are opportunities and motivations because of the absence of control systems in a lot of companies. Frauds happen when the rationalization comes in with businesses being slow and people not getting salaries. With a lot of new technologies coming in, the way frauds are being done have become different.”
He added, “There is a concept of cash larceny where people – whatever comes into books as cash – they take it out, and this is the simplest way of doing frauds. With audit controls and procedures in place, it is very difficult to commit a financial crime, so the way the mechanism of fraud was done in the past has changed.”
Employee frauds continue to be a major challenge for companies in the UAE with the banking sector witnessing increased incidents of employee frauds. CA Badri discussed why your business requires an examination of its financial information and how to identify and calibrate your business risks. Naveen Sharma, Chairman, ICAI UAE (Dubai), pointed out that the importance of corporate governance has increased manifold and forensic audit has become mainstream. “Risk cannot be eliminated, but it can only be managed. Managing the risk in a smart way is the need of the hour,” he said during the opening remarks.
In addition, Amarjit Chopra, former president of the ICAI; and Chetan Dalal, founder and CEO of Chetan Dalal Investigation and Management Services, also addressed the conference.
Download the Full Keynote Presentation