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Don’t let fraud & corruption corrode your business
FORENSIC AUDIT
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UNDERSTANDING YOUR CIRCUMSTANCE
Our Forensic Audit Services unit consists of lawyers,
auditors, accountants, IT specialists and seasoned
investigators to ensure that we can service the forensic
auditing needs of our clients. Our investigators excel
in the forensic environment due to their specialized
detective and commercial crime investigation training
by world renowned experts and institutions.
Fraud Risk Management is about expecting the
unexpected and often venturing into unknown areas
of fraud risk. According to recent fraud surveys,
management of fraud risk has accepted change to
become more responsive to fraud and to do so in a
timeous and proactive manner.
Risk management is defined as a process of
understanding and managing risks that the entity
is inevitably subjected to in attempting to achieve its
organisational objectives. For an organisation, risks are
potential events that could influence the achievement of
the organization’s objectives.
Risk management is about understanding the nature of
such events and, where they represent threats, making
positive plans to mitigate them. Fraud and corruption are
major risks threatening any business, not only in terms of
financial health but also its image and reputation.
An effective business driven fraud risk management
initiative provides an organization with tools to manage
risk in a manner consistent with regulatory requirements
as well as the entity’s business needs and market place
expectation.
In order to illustrate where forensic audit / fraud risk management opportunity lies, the 2018 PWC Global Economic Crime and Fraud Survey was referred to. The following key findings are listed below:
42% of respondents said their companies had increased spending on combatting fraud
(up from 39% in 2016)
44% of respondents said they plan to boost spending over the next two years
The Financial services and technology industries
are finding the most value in Artificial intelligence and advanced analytics.
Fraud Prevention,
is becoming a first line of defence
FORENSIC AUDIT
What is key from the above-mentioned findings?
1. There is a market for forensics as fraud is on the
increase. The need for fraud investigations is
therefore also on the increase.
2. Organizations are more likely to experience
corruption.
3. Organisations are investing in mitigating fraud in
two areas:
• Technology and Data Analytics; and
• Fraud Prevention, as it is becoming a first line of
defence in organisations.
4. Technology cannot only identify fraud alone and
there is a human element that is also required to be
monitored. In order to reduce individuals rationalizing
fraud – organisations need to focus on their culture
and ensure that employees are aware of a zero-
tolerance approach through increased awareness and
training. Employees therefore become aware of what
is unacceptable behaviour.
INTERNAL FRAUD committed by
senior management has risen dramatically by
50% over the past two years
(from 16% of respondents in 2016
to 24% in 2018).
There is a fundamental flaw with the belief that internal technology-driven controls alone can catch fraud: it assumes that management will always behave ethically. In fact, experience shows that virtually every significant internal fraud is a result of management circumventing or overriding those controls.
Our survey backs this up: it reveals that the share of reported serious internal fraud committed by senior management has risen dramatically – by 50% – over the past two years (from 16% of respondents in 2016 to 24% in 2018).
Organisations in developing territories are almost three times as likely to experience corruption as those in developed territories. However, only one third perform
risk assessments on anti-bribery and corruption measures, nearly equal to those performed by
those in developed territories.
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Our forensic audit professionals have proven
ways to help clients address the challenges and
risks of doing business in today’s environment.
In order to successfully conduct forensic audit
investigations, we have expertise in forensic
auditing, investigations, digital, forensic, legal
and disciplinary procedures as well as fraud risk
management.
Our investigators are invaluable in the
finalisation of investigations as they assist the
Client to open criminal dockets with the SAPS
if required. They will further assist the Client,
SAPS or the State to successfully prosecute
the perpetrators by testifying in disciplinary,
criminal or civil matters that may be instituted
with detailed evidence based and factual
findings, packaged in a manner that links
indictment to relevant supporting evidence
and exhibits. We have a holistic approach
to investigations in order to address your
requirements in terms of policies, procedures
and practices.
We prevent
Anti-Fraud Strategy: we compile / enhance Anti-Fraud
strategies detailing the clients fraud risk appetite and how
they will combart fraud and corruption.
Fraud Prevention Plan: we compile / enhance Fraud
Prevention Plans that assist clients with monitoring
and managing fraud. A Fraud Prevention Plan
details mechanisms for the prevention, detection and
investigation of incidents of fraud
Fraud Related Policies: we compile / enhance fraud
related policies that form the foundation of fraud related
government in an organisation.
Fraud Risk Assessments: we perform fraud risk
assessments for our clients to assist them to effectively
manage and identify fraud risks across the organisation.
Fraud Awareness: we compile fraud awareness plans
and roll-out various fraud awareness initiatives, in order
to inform and empower employees with being aware
of fraud. This includes training, mini fraud guides, fraud
awareness campaigns, posters, etc.
Fraud Vulnerability Review: in order to identify weakness
in controls or gaps in processes we perform fraud
vulnerability reviews.
DETAILED OFFERINGS
1Disciplinary,
criminal / Civil and labour support
Digital Forensics /Data
Analytics
4 2Fraud
Prevention
3Forensic
Investigations
OUR RANGE OF SERVICES ARE DEPICTED ON
THIS DIAGRAM:
SkX is one of South Africa’s leading empowered and
transformed Audit, Risk and Advisory Firm. It is 100%
black owned and managed with significant black women
ownership. Our Audit, Risk and Advisory firm.
Our commitment to transformation saw SkX transform
itself through the recruitment of highly skilled black
women to form part of the leadership team. Thus
transforming our company’s initial ownership to majority
black women owned.
Our Business Solutions Practice specializes in providing
solutions aimed at improving operational efficiency and
enhancing revenue.
Our boutique of services equips us to be the ideal
partner with the appropriate resources, knowledge and
agility to effectively manage the future challenges and
opportunities for all clients.
SkX has invested significantly in its people through the
launching an Internal Learning Academy as a learning
platform for all our internal training interventions and
bursary programme in support of professionalization.
SkX boasts a professional staff complement that
servicing both the private and public sector with
professional qualifications across the broad spectrum of
our services
SKX has been one of the very few successful
Transformation stories in South Africa and a beacon of
hope for Black Economic Empowerment. We represent
a truly African firm reflecting the South African
demographics in an industry that is dominated by
international corporations and a private sector.
WHY SKX
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SOME OF OUR CLIENTS
TRANSPORT, LOGISTICS AND AVIATIONTransnet, Passenger Rail Agency of South Africa (PRASA); and South African Airways (SAA)
FINANCIAL SERVICESHollard, Liberty, Alexander Forbes, Eskom Pension and Provident Fund, Government Employees Medical Scheme, Mvunonala, WDB Investments, Phembani Group, Public Investment Corporation, Harith General Partners, 3Sixty Life, Sizwe Medical Fund and Discovery
TELECOMMUNICATIONS & INFORMATION COMMUNICATIONS AND TECHNOLOGYTelkom, BCX, Sentech and Sita
MINING, RESOURCES & ENERGYEskom, Harmony, Exxaro and Foskor
MUNICIPALITIES Ethekwini Municipality, Umhlathuze Municipality and City of Tshwane
www.SkX.co.za
Head Office - GautengBuilding 1, 15 Forest RoadWaverley Office Park, BramleyTel: +27 (011) 797 6800
OUR PROFESSIONAL AFFILIATIONS
Kwazulu NatalSuite 1A, 100 Armstrong AvenueLa Lucia Ridge, Durban, 4051Tel: +27 (031) 562 1700
Thato Mahlamvu
Tel: +27 11 6797 6800 Email: [email protected] [email protected]
Sizakele Bophela
Tel: +27 11 6797 6800 Email: sbophela@ skxprotiviti.co.za [email protected]
CONTACT US
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Accounting firm of the year 2017
Don’t let fraud & corruption corrode your businessForensic Audit
