Association of Fraud Examiners nominates new office bearers

Muscat: The Association of Fraud Examiners (ACFE) Oman Chapter announced that Davis Kallukaran, managing partner of Crowe Horwath Oman, has taken over as president of the organisation.
In addition, Badri Subudhi of Galfar Engineering, an existing board member, has been appointed as the training coordinator for the chapter, according to a press release.
Jose Chacko and Alison Benbow continue to be vice president and secretary, respectively. Thomas Totton, general manager of risk, Bank Muscat, and Alan Harte, head of internal audit, Bank Muscat, continue to serve as board members, and Majid Al Alawi of Bank Dhofar has been invited to serve as a board member.
“The ACFE is the world's largest anti-fraud organisation and premier provider of anti-fraud training and education. Together, with more than 80,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession,” said Kallukaran. The “2016 ACFE Report to the Nations on Occupational Fraud and Abuse” estimated that on average, businesses lose 5 per cent of their annual revenue to fraud. The report added that the total loss caused by the cases in the study exceeded $6.3 billion, with an average loss per case of $2.7 million.
Certified Fraud Examiners (CFEs) possess unique expertise in preventing and detecting fraud, and are highly valued by organisations spanning all industries, sectors and sizes. The CFE credential stands for proven expertise in fraud prevention, detection and deterrence. CFEs around the world help protect the global economy by uncovering fraud and putting in place processes to prevent fraud from occurring.
“Occupational fraud is a significant threat to any organisation. Those organisations which employ fewer anti-fraud controls are more vulnerable to fraud. Forensic auditing provides an investigation methodology and accounting analysis that is both suitable for the courts and will form the basis for discussion, debate and ultimately dispute resolution,” said Chacko, vice president, partner, Forensic Technology Services at Crowe Horwath Oman.
The ACFE Oman Chapter is holding a seminar on “Digital Fraud-Emerging Challenges” at the College of Banking and Financial Studies on January 24. The talk is being delivered by CA Mubeen Khan, advisor at Capital Market Authority.