IIA-Australia Factsheet - Fraud and Corruption

IIA-Australia Factsheet - Ponzi and Pyramid Schemes

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Author

IIA-Australia

Date

2022

Topics Explored

Risk Management

Format

Factsheet

Extract/Description

 Each year Transparency International produces its  ‘Corruption Perceptions Index’ ranking nations from least to most corrupt. In 2021, Denmark, Finland and New Zealand were ranked equal least corrupt countries (number 1) in the world. Australia was ranked equal number 18 (11 in 2020) but could improve transparency and potentially its international corruption ranking if the Australian Government established a strong federal integrity commission.

Key Points

    1. There are six behavioural red flags of fraud that have been the most common in every ACFE study dating back to 2008.
    2. While the presence of these red flags does not imply fraud is being committed, understanding and recognising behavioural red flags displayed by fraud perpetrators can help organisations detect fraud and mitigate losses.
    3. The factsheet suggests 11 Action Steps – What Organisations can do About Fraud and Corruption.

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Relevant Industries

All

Level of Assumed Knowledge

Intermediate