Muscat: The 2018 Association of Certified Fraud Examiners (ACFE) Report to the nations on Occupational Fraud and Abuse estimated that on an average, businesses lose 5 per cent of their annual revenue to fraud.
The report further noted that the total loss caused by 2,690 cases of occupational fraud, examined across 125 countries in 23 major industry categories, exceeded $7 billion, not including the billions and billions of dollars lost in incidents not reported, not detected or unknown.
The ACFE Oman Chapter is conducting an evening seminar on the recently introduced Central Bank of Oman (CBO) circulars FM 35 and BM 1153 on Fraud Risk Management.
The seminar is being held at the College of Banking and Financial Studies on July 10 at 6pm under the patronage of Tahir Al Amri, Executive President of the CBO.
“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 Davis Kallukaran, President of ACFE Oman Chapter, in a press release.
Certified Fraud Examiners (CFEs) possess unique expertise in preventing and detecting fraud, and are highly valued by organisations spanning across all industries, sectors and sizes. The CFE credential denotes proven expertise in fraud prevention, detection and deterrence. CFEs around the world help protect the global economy by uncovering fraud and implementing processes to prevent fraud from occurring in the first place.
“Occupational fraud is a significant threat to any organisation. Those organisations, which employ fewer antifraud controls, are more vulnerable to fraud. Forensic auditing provides investigation methodology and accounting analysis that are both suitable for the courts and will form the basis for discussion, debate and dispute resolution," said Jose Chacko, Vice president (Partner Forensic Technology services at Crowe Horwath Oman)
The talk is being delivered by VN Sethuraman, Banking Executive at the Banking development department of CBO.