PO Box 9400
United Arab Emirates
The Internal Audit Unit of Emirates General Petroleum Corporation "Emarat" in conjunction with M/s KPMG, organized a workshop for its Senior Managers and Heads of Departments to raise their awareness regarding fraud risks.
According to Mr. Rajeev Divakaran, Senior Auditor, Emarat, this was the first time that workshop on this topic was being conducted at Emarat. The objective of which, was to create a greater awareness of the risks of fraud faced by the organization as well as an understanding as to how to prevent, detect and respond to the risks of fraud.
Ms. Hamda Al Shamsi, Internal Auditor, Emarat, opened the workshop by stating that all organizations need to keep their eyes and ears open with regard to the risk of fraud happening within the organization. These could be internal or external. The workshop started off with an awareness session which detailed about the types of Fraud and misconduct, Indicators of Fraud, and the key elements of an Anti-Fraud and Misconduct Framework.
The importance of anti-fraud strategies, policies and procedures were discussed in addition to techniques of how to detect fraud. In the section relating to response on detecting a fraud, the key considerations were based on escalation and management of incidents of fraud.
The workshop further highlighted the legal and administrative procedures related to fraud and precautionary measures that can be taken in order to mitigate fraud risk. During the workshop, the participants formed break-out groups in order to come up with specific fraud and misconduct risks which could potentially impact the organization. These were later shared amongst all the attendees in order to enhance their understanding on the subject.