In a Forensic Audit, when investigating fraud, an auditor would look for:
- Conflicts of interest
Use of influence for personal gain detrimental to the company.
If a manager allows and approves inaccurate expenses of an employee with whom he has personal relations, its fraud. Even if the manager does not have a financial benefit following this approval, he is potentially receiving personal benefits after making the inappropriate call.
Offering money to get something done or influence a situation to someone’s benefit is bribery. Example: Company A bribing an employee of Company B to provide data to help Company A in preparing a service offering for B.
If a Company demands money in order to award a contract to another, its extortion.
Contact us if you think your company might be victim of fraud.