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Smart Fraud Risk Management
presents
The
Fraud Schemes
Series
Fixed Assets:
Popular Frauds and
How to Prevent them
2© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Value might be significant
Different locations of the assets
Lack of time
Risk of fraud is underestimated
Fixed Assets Criticalities
3© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Fixed Asset Fraud
Schemes
4© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Misappropriation
of
Assets
5© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Theft of assets
19% of all fraud cases
Average loss $70,000
6© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Recognition of
Fictitious
Assets
7© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Fake documents to justify fraudulent
accounting entries
To show stronger company’s
performance
Perpetrated by middle and high level
management
8© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Misrepresentation
of
Assets Value
9© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Types:
 Overstatement
 Understatement
 Misclassification
To show stronger or weaker financial
position
10© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Capitalisation of
Non-Asset
Expenses
11© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Popular fraud schemes
Costs without requirements for
capitalisation
To show stronger company’s
performance
12© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
How to prevent
fixed asset frauds
13© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Physical count
14© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Analysis of unusual patterns
15© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Fixed asset procedures
16© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Approval of additions and disposals
& related documentation
17© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Reviews & random spot-checks
18© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Asset tags
19© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Up-to-date fixed assets register
20© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Reconciliations with General Ledger
General
Ledger
Assets
Register
21© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Evaluation of assets condition
22© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
How to prevent fraud
Physical controls
23© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Thank you!
24© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
Like this video?
Share it!
25© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved.
www.fraudfence.co.uk
© 2016 Fraud Fence Ltd. is a UK limited liability company. All rights reserved.
The Fraud Fence name and logo are registered trademarks.

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Fixed assets; popular frauds and how to prevent them

  • 1. Smart Fraud Risk Management presents The Fraud Schemes Series
  • 2. Fixed Assets: Popular Frauds and How to Prevent them
  • 3. 2© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Value might be significant Different locations of the assets Lack of time Risk of fraud is underestimated Fixed Assets Criticalities
  • 4. 3© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Fixed Asset Fraud Schemes
  • 5. 4© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Misappropriation of Assets
  • 6. 5© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Theft of assets 19% of all fraud cases Average loss $70,000
  • 7. 6© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Recognition of Fictitious Assets
  • 8. 7© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Fake documents to justify fraudulent accounting entries To show stronger company’s performance Perpetrated by middle and high level management
  • 9. 8© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Misrepresentation of Assets Value
  • 10. 9© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Types:  Overstatement  Understatement  Misclassification To show stronger or weaker financial position
  • 11. 10© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Capitalisation of Non-Asset Expenses
  • 12. 11© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Popular fraud schemes Costs without requirements for capitalisation To show stronger company’s performance
  • 13. 12© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud How to prevent fixed asset frauds
  • 14. 13© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Physical count
  • 15. 14© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Analysis of unusual patterns
  • 16. 15© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Fixed asset procedures
  • 17. 16© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Approval of additions and disposals & related documentation
  • 18. 17© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Reviews & random spot-checks
  • 19. 18© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Asset tags
  • 20. 19© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Up-to-date fixed assets register
  • 21. 20© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Reconciliations with General Ledger General Ledger Assets Register
  • 22. 21© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Evaluation of assets condition
  • 23. 22© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. How to prevent fraud Physical controls
  • 24. 23© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Thank you!
  • 25. 24© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. Like this video? Share it!
  • 26. 25© 2016 Fraud Fence Ltd is a UK limited liability company. All rights reserved. www.fraudfence.co.uk
  • 27. © 2016 Fraud Fence Ltd. is a UK limited liability company. All rights reserved. The Fraud Fence name and logo are registered trademarks.