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Fraud Investigation
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Fraud Investigation Audits Services in Dubai, UAE
Corporate fraud has several severe economic consequences for firms. It entails damage to the company’s reputation, a drop in investor confidence, greater finance costs, and a drop in the corporation’s value .
Dubai, the commercial and financial center of the United Arab Emirates, is no stranger to fraud incidents. In recent years, there have been several high-profile cases of fraud in the city, ranging from embezzlement to money laundering.
According to a research by the Association of Certified Fraud Examiners, Dubai fraud costs firms throughout the world about 5% of their annual revenue. In the ACFE’s 2020 Report to the Countries, 2,690 incidents of occupational fraud were investigated, resulting in a net loss of more than $7.1 billion.
As a result, numerous businesses are increasingly performing fraud investigation audits in Dubai. Audit firms in Dubai assist in preventing this kind of fraud from occurring.
Dubai, the commercial and financial center of the United Arab Emirates, is no stranger to fraud incidents. In recent years, there have been several high-profile cases of fraud in the city, ranging from embezzlement to money laundering.
According to a research by the Association of Certified Fraud Examiners, Dubai fraud costs firms throughout the world about 5% of their annual revenue. In the ACFE’s 2020 Report to the Countries, 2,690 incidents of occupational fraud were investigated, resulting in a net loss of more than $7.1 billion.
As a result, numerous businesses are increasingly performing fraud investigation audits in Dubai. Audit firms in Dubai assist in preventing this kind of fraud from occurring.
What is Fraud?
ISA 240 defines fraud as “purposeful conduct by one or more individuals among management, those accountable for governance, staff, or third parties, including the use of deception to obtain unfair or unlawful advantages.”
What are the different types of Fraud?
Majorly fraud can be classified as Civil or Criminal fraud. However, there are multiple subtypes of fraud that can be committed depending on the nature and type of business. Below mentioned are some of the examples:
1. Financial statement fraud: This occurs when financial statements are intentionally misstated or misrepresented in order to deceive investors or creditors.
2. Misappropriation of assets: This involves the theft or misuse of company assets, such as embezzlement of funds, theft of inventory or supplies, or misuse of company credit cards.
3. Bribery and corruption: This can involve paying or receiving bribes or kickbacks in exchange for business or financial gain.
4. Insider trading: This involves the buying or selling of a company’s securities based on non-public information that is not available to the general public.
5. Ponzi schemes: As mentioned before, these are investment scams in which returns are paid to earlier investors using the money of newer investors, rather than from actual profits.
6. Money laundering: This involves disguising the proceeds of illegal activities as legitimate funds in order to avoid detection or seizure by law enforcement.
7. Cyber fraud: This can involve hacking into a company’s systems or using phishing scams to obtain access to sensitive financial information or funds.
8. Revenue recognition fraud: This involves misrepresenting or manipulating financial statements to improperly recognize revenue, which can artificially inflate a company’s earnings.
9. Improper disclosures: This can involve failing to disclose material information that could impact a company’s financial statements or making false or misleading disclosures .
10. Improper disclosures: This can involve failing to disclose material information that could impact a company’s financial statements or making false or misleading disclosures .
2. Misappropriation of assets: This involves the theft or misuse of company assets, such as embezzlement of funds, theft of inventory or supplies, or misuse of company credit cards.
3. Bribery and corruption: This can involve paying or receiving bribes or kickbacks in exchange for business or financial gain.
4. Insider trading: This involves the buying or selling of a company’s securities based on non-public information that is not available to the general public.
5. Ponzi schemes: As mentioned before, these are investment scams in which returns are paid to earlier investors using the money of newer investors, rather than from actual profits.
6. Money laundering: This involves disguising the proceeds of illegal activities as legitimate funds in order to avoid detection or seizure by law enforcement.
7. Cyber fraud: This can involve hacking into a company’s systems or using phishing scams to obtain access to sensitive financial information or funds.
8. Revenue recognition fraud: This involves misrepresenting or manipulating financial statements to improperly recognize revenue, which can artificially inflate a company’s earnings.
9. Improper disclosures: This can involve failing to disclose material information that could impact a company’s financial statements or making false or misleading disclosures .
10. Improper disclosures: This can involve failing to disclose material information that could impact a company’s financial statements or making false or misleading disclosures .