Muscat: The Association of Fraud Examiners (ACFE) Oman Chapter announced that Jose Chacko, Partner -Forensic Technology Services of Crowe Oman has taken over as the President of the Chapter.
Jose has taken over as the president after serving ACFE Oman as the Vice President for five years. The newly elected officers took over from the present board from January 1, 2021.
Fathiya Al Maskari of EY has been elected as the Training Director for the Chapter.
The other board members are Khalil Al Rawahi as the vice president, Somya Sreedharan as Secretary. Kevin D Souza as Treasurer, Salim Mushrafi as the Membership Director and Murad Al Balushi as Director at Large.
Davis Kallukaran, the outgoing president will continue in the board as an adviser and past president.
“The ACFE is the world's largest anti-fraud organisation and premier provider of anti-fraud training and education. Together, with more than 85,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession,” said Jose Chacko.
According to a new report from the Association of Certified Fraud Examiners (ACFE), a single case of occupational fraud costs the victim organisation an average of more than $1.5 million, and Certified Fraud Examiners (CFEs) estimate that organisations lose 5 per cent of their revenues each year to fraud. In the ACFE’s 2020 Report to the Nations, a study of 2,504 cases of occupational fraud investigated by CFEs in 125 countries, the typical fraud lasted 14 months before it was detected and caused a median loss of $8,300 a month.
ACFE Oman has achieved tremendous growth in terms of membership and certified members during the tenure of the previous board under the leadership of Davis Kallukaran. 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.
ACFE Oman Chapter is sponsored by the College of Banking and Financial Studies (CBFS) and acknowledged the excellent support provided for the growth of the Chapter.
"The recent fraud cases around the world points out the need for enhanced fraud awareness and education. It is very important to note that a large number of nationals are attracted to the profession in recent years and it will add a lot of value to Oman. A series of educational events will be organised during the year towards fraud awareness," added Khalil Al Rawahi, vice president of the Chapter.