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October 16, 2017updated 03 Jan 2021 5:40pm

Anti-Fraud Collaboration releases case study to explore root causes and impacts

By Stephanie Wix

The Anti-Fraud Collaboration has released a fictional case study on how global fraud situations unfold to help professionals tackle the issue.

The case study focuses on fictional global technology company LDC Cloud Systems, which contends with bribery allegation and poor accounting oversight. The study illustrated the increasing complexity of accounting practices which can leave a company vulnerable to fraud by exploring root causes and the impact of bribery and accounting abnormalities. It explored the actions of the management and board, with a timeline of decision making as problems unfold.

The Institute of Internal Auditors (IIA) president and CEO Richard Chambers said: “For internal audit, this case study provides powerful insight into the challenges even highly competent functions face when confronting complex risks that are compounded by deceptive actions within a company.”

The National Association of Corporate Directors (NACD) president and CEO Peter Gleason added that audit committees serve a critical role in ensuring the long-term value of their companies. “This case study serves as a valuable resource to help audit committees think through their roles in providing oversight of their companies' financial controls and communications."

The Anti-Fraud Collaboration is an organisation formed in October 2010 by the IIA, NACD, the Center for Audit Quality, and Financial Executives International, each representing different areas of the financial reporting supply chain.

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