Fraud Management in the Workplace NCRIB Lecture

Fraud Management in the Workplace
Being a virtual Paper Presented at the Nigerian Council of Registered Insurance Brokers (NCRIB) on Thursday, 23rd May 2024.

1. Fraud Management in the Workplace Being a virtual Paper Presented at the Nigerian Council of Registered Insurance Brokers (NCRIB) on Thursday, 23rd May 2024. Prof. Godwin Emmanuel Oyedokun Professor of Accounting and Financial Development Department of Management & Accounting Faculty of Management and Social Sciences Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Accountants, Tax Practitioners & Forensic Auditors)

2. ND (Fin), HND (Acct.), BSc. (Acct. Ed), BSc (Fin.), LLB., LLM, MBA (Acct. & Fin.), MSc. (Acct.), MSc. (Bus & Econs ), MSc. (Fin), MSc. ( Econs ), Ph.D. (Acct), Ph.D. (Fin), Ph.D. (FA), CICA, CFA, CFE, CIPFA, CPFA, CertIFR , ACS, ACIS, ACIArb , ACAMS, ABR, IPA, IFA, MNIM, FCA, FCTI, FCIB, FCNA, FCFIP, FCE, FERP, FFAR, FPD-CR, FSEAN, FNIOAIM, FCCrFA , FCCFI, FICA, FCECFI, JP Prof. Godwin Emmanuel Oyedokun Professor of Accounting and Financial Development Department of Management & Accounting Faculty of Management and Social Sciences Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Accountants, Tax Practitioners & Forensic Auditors)

3. Fraud Management in the Workplace

4. Contents

5. Introduction

6. Overview of Fraud

7. Forms of Fraud

8. Forms of Fraud

9. Conditions and Reasons Leading to Fraud

10. Additional Factors Contributing to Fraud

11. Impacts of Fraud

12. Mechanisms of Perpetrating Fraud

13. Combatting Fraud

14. Risk Areas of Fraud

15. Risk Areas of Fraud /2

16. Risk Areas of Fraud /3

17. Risk Areas of Fraud /4

18. Risk Areas of Fraud /5

19. Statutes of Fraud and Standards

20. Statutes of Fraud

21. Statutes of Fraud and Standards International Standards The concept of fraud is addressed through various legal statutes and standards designed to prevent, detect, and punish fraudulent activities. These statutes and standards exist at both national and international levels, shaping how organizations operate and ensuring that individuals and entities adhere to ethical practices. Understanding these statutes and standards is crucial for maintaining compliance and protecting against fraud. Statutes of Fraud Statutes of fraud are laws enacted to address and mitigate fraudulent activities. These statutes vary by jurisdiction but share common objectives: protecting individuals and organizations from deceit, ensuring fair business practices, and upholding legal and ethical standards. United States The Sarbanes-Oxley Act (SOX) of 2002 : Enacted in response to major corporate scandals (e.g., Enron, WorldCom), SOX aims to enhance corporate responsibility, financial disclosures, and combat corporate and accounting fraud. Key provisions include: Section 302 : Requires senior management to certify the accuracy of financial statements. Section 404 : Mandates internal control assessments and reports. Section 806 : Provides protections for whistleblowers. The False Claims Act : Allows individuals to file lawsuits on behalf of the government against entities defrauding governmental programs. It includes provisions for whistleblower protections and significant penalties for violators .

22. Statutes of Fraud and Standards

23. Standards for Fraud Management

24. Fraud Management in the Workplace

25. Types of Workplace Fraud

26. Strategies for Workplace Fraud Prevention

27. Workplace Detection Mechanisms

28. Responding to Workplace Fraud

29. Case Studies and Examples

30. The Role of Technology in Fraud Management

31. Challenges in Fraud Management

32. Fraud Management in the Context of the Nigerian Council of Registered Insurance Brokers (NCRIB)

33. Importance of Fraud Management for NCRIB

34. Types of Fraud Relevant to Insurance Brokers

35. Strategies for Fraud Prevention in NCRIB

36. Detection Mechanisms for NCRIB

37. Responding to Fraud in NCRIB

38. Case Studies and Examples

39. Role of Technology in Fraud Management for NCRIB

40. Challenges in Fraud Management for NCRIB

41. Conclusion

42. Recommendations

43. Recommendations

44. Prof. Godwin Emmanuel Oyedokun Professor of Accounting & Financial Development Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Accountants, Tax Practitioners & Forensic Auditors) [email protected]; [email protected] [phone] & 2348055863944