VAN LEEUWEN FORENSIC AUDITING advises clients on ways to mitigate their exposure to fraud with a financial dimension, including tax fraud (Sections 68 and 69, General State Taxes Act), money laundering (Section 420bis et seq., Criminal Code), forgery (Section 225, Criminal Code), deception/embezzlement (Sections 326 and 321, Criminal Code), bankruptcy fraud (Section 340 et seq., Criminal Code), corruption (Sections 177 and 328ter, Criminal Code) and breaches of the Money Laundering and Terrorist Financing Prevention Act and sanctions legislation (Sections 1, 1a and 2, Economic Offences Act).
VAN LEEUWEN FORENSIC AUDITING helps clients identify and assess financial crime risk, respond to evolving regulation, react to regulatory action, and enhance their existing financial crime risk management programme. The services include: Strategy Consulting, Risk Advisory, Compliance Solutions, Independent Review, Technology Innovation and Investigations.
People typically become involved in already existing fraud schemes as a result of power that is exercised on them by another individual. The five (5) separate types of power include: reward, coercive, expert, legitimate and referent. It is through either one or a combination of several types of power that a potential fraud perpetrator is influenced to become involved in a fraudulent scheme.
Create a culture of honesty, openness, and assistance
Creating a culture of honesty, openness, and assistance includes three (3) factors: (1) hiring honest people and providing fraud awareness training; (2) creating a positive work environment, which means having a well-defined code of conduct, having an open-door policing, not operating on a crisis basis, and having a low-fraud atmosphere; and (3) providing an employee assistance program that helps employees deal with personal pressures.
Eliminate opportunities for Fraud
The five (5) ways to eliminate Fraud opportunities are: (1) having good internal controls; (2) discouraging collusion between employees and customers or vendors and clearly informing vendors and other outside contacts of your company’s policies against fraud; (3) monitoring employees and providing a hotline (whistle-blowing system) for anonymous tips; (4) creating an expectation of punishment; and (5) conducting proactive auditing.
Most organizations do not have a comprehensive approach to preventing and deterring Fraud. In fact, most companies don’t think about fraud until they experience one. When fraud occurs, they go into crisis mode, investigate and try to resolve the fraud, and then wait until another fraud occurs.
Proactive Fraud Auditing
Very few organizations actively audit for Fraud. Rather, their auditors are content to conduct financial, operational and compliance audits and to investigate Fraud only when symptoms are so egregious that fraud is suspected.
Most organizations do not have a comprehensive approach to preventing and deterring Corporate Crime. In fact, most companies don’t think about Corporate Crime until they experience one. When Corporate Crime occurs, they go into crisis mode, investigate and try to resolve the Corporate Crime, and then wait until another Corporate Crime occurs.
Through our servicelines we help private and public organizations identity the nature and extent of Corporate Crime and deliver appropriate remedies to establish a more comprehensive approach to preventing and deterring Corporate Crime.
PRAETOR FORENSIC AUDITING works with leadership to build effective compliance solution strategies to see what is around the corner, and to help leaders understand their risks and responsibilities. It doesn’t simply provide strategic advice. It provides the good counsel and program agility needed to meet current and future regulatory obligations. Most importantly, PRAETOR FORENSIC AUDITING works with executive leadership to formulate sound strategies that can be efficiently operationalized to achieve results.
VAN LEEUWEN FORENSIC AUDITING keeps pace with regulatory change, maintain an ongoing dialogue with regulators, and employ best-in-class solutions to create effective compliance programs for its clients. VAN LEEUWEN FORENSIC AUDITING’s comprehensive approach delves deeply into the regulations and its clients’ business processes to identify and quantify each organization’s individual risks, as well as find, prioritize, and help close any gaps.
Financial institutions are highly regulated, demanding extensive compliance programs to meet both legal and regulatory requirements. VAN LEEUWEN FORENSIC AUDITING’s proactive compliance program can help an institution mitigate financial crime risks, conflicts of interest, regulatory or litigation concerns, and other improper activity. Consequences of noncompliance with regulatory requirements can be severe, resulting in legal action, fines, and operational and reputational risk.
Enforcement actions and penalties continue to expose systemic failures and areas of noncompliance within a financial institution’s Bank Secrecy Act (BSA) / Anti-Money Laundering (AML) program and Office of Foreign Assets Control (OFAC) program. Additionally, internal audits or investigations may illuminate areas of potential weakness or concern.
VAN LEEUWEN FORENSIC AUDITING provides holistic services related to customer due diligence, sanctions screening, and transaction monitoring technology solutions at a variety of financial institutions- from global, industry-leading banks- to small, regionally focused institutions.