A panel session was held this morning including experienced and credentialed forensic, consulting and legal leaders from the local Johannesburg community. The session provided some insights into challenges the audit committee, executive management and the external auditors can face when confronted by entity level whistleblower submissions. The approach to this discussion was stimulated by a multi-part case presented using the medium of a well-acted movie, followed by commentary by the panelists.
Some of the outcomes of this discussion highlighted fraud prevention characteristics all organizations should consider, including, but not necessarily limited to:
- Chief Compliance Officer
- Whistleblowing procedure
- Change Tone at the Top/bonus scheme
- Ethics training
- IA function established
- Improved internal controls
- Fraud response plan
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