Introduction to Fraud and Forensic Audit in Zimbabwe

Introduction to Fraud and Forensic Audit

1 Background

Fraud has always been a major business constraint in Zimbabwe. With the introduction of the multi-currency regime, the problem of fraud has gone beyond what was just a business challenge. Foreigners can now look into Zimbabwe for the much coveted US Dollar.

At 5wh we offer a series of services across the fraud control spectrum – from fraud prevention and detection, through to investigation, evidence collection and litigation support.

2 Definition

The Oxford Dictionary defines “Forensic” simply as, “Of or used in law courts.” Eagle

Forensic auditing is a blend of traditional accounting, auditing, and financial detective work. The emphasis is on the quality of work, as it has to satisfy the exacting demands of the law courts.

3 Investigate first – then act

This is the logical thing to do and in Zimbabwe this is what the law (Labour Relations Act [Chapter 28:01]) requires. If you suspect that your organisation is the target of financial crime you will need fast professional support to help you take action.

©Caleb Mutsumba

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What do you think? What strategies do you, or your company, use to manage the risk of fraud and error in your organisation? Are you primarily proactive or reactive in your approach to risk management? Share your experience in the Comment box below.

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