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How Do You Develop a Continuous Fraud Monitoring Program?

Financial Executives International TV

Delhaize Group
Alexis C Bell, Senior Forensic Auditor

Runtime: 6:36

Key Takeaways:

  1. All companies are at risk for fraud at 7% of their revenues. Continuous fraud monitoring programs help identify where the fraud may be occurring.
  2. A continuous fraud monitoring model can be developed in Excel. Worksheets include inputs; ratios; standard deviations; Z Scores and classifications of risk.
  3. Calculate fraud ratio benchmarks at a regional level and use those numbers to develop country and global benchmarks.
  4. Beneish Indices are highly effective in identifying high risk areas for fraud. Beneish found that on average, “manipulators” were 10-times more likely to manipulate earnings than those classified as “nonmanipulators.”
  5. Bell recommends monitoring 38 different fraud ratios, which can be found at www.alexiscbell.com.

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