StoneTurn’s Post

An insightful article by my colleague Phathu Makhadi CA(SA) on procurement fraud and the red flags associated with it. This is a significant part out of daily investigations!

Great article Phathu. It is an excellent summary of the real world risks associated with procurement fraud. It’s a crucial reminder of the importance of strong controls, transparency, and continuous vigilance in procurement processes to mitigate these risks. Valuable insights for organisations to better understand their vulnerabilities and take proactive steps to safeguard their operations.

ECCTA's 'Failure to Prevent Fraud' offence starts 1 September 2025 and the UK Government advises on the fraud prevention strategies vital for large businesses under the Companies Act 2006.  Key points: 1. Commitment from leadership 2. Assessing risks 3. Implementing appropriate measures 4. Performing due diligence 5. Strengthening communication 6. Regular monitoring and assessment Get ready this change. Find out more in our recent blog post.

UK Government Issues Guidance on New Fraud Prevention Offense: The UK government has released guidance on the new Failure to Prevent Fraud offence, effective September 1, 2025. Similar to the UK Bribery Act, companies must implement reasonable fraud prevention procedures to avoid liability. The guidance outlines six key principles, including top-level commitment, risk assessments, and ongoing monitoring. Companies are encouraged to assess existing practices, identify fraud risks, and foster a culture of prevention through clear policies and training. This legislation emphasizes the importance of proactive measures to combat fraud in corporate environments. https://lnkd.in/dDu8BiJk

The latest findings highlight procurement fraud as the top threat for Indian businesses, with 50 per cent of respondents identifying it as a major issue. This reflects a significant 21 per cent jump compared to global concerns. In contrast, customer fraud, which was the leading issue for 47 per cent of Indian businesses in 2022, has been overtaken. https://lnkd.in/dwjjPrsx

What is top management fraud ❓ Top management fraud happens when an executive decides to abuse their position of authority either for their own gain (occupational fraud, also called internal fraud) or to advance the company’s agenda (corporate fraud). It’s considered a white-collar crime and it can take many forms...... Below article will improve your knowledge and awareness 😊👍 https://lnkd.in/g78u6FKA

Its here folks, the guidance you've all been waiting for. 🙂 The Govt has today released guidance on the new Failure to Prevent Fraud Offence. The offence will come into force on the 1st September 2025. Make sure you're prepared. The reasonable procedures that organisations must implement are as below: Top level commitment Risk assessment Proportionate risk-based prevention procedures Due diligence Communication (including training) Monitoring and review. To read more of the guidance please see the document below: https://lnkd.in/g46Hp4NY For any help in implementing fraud prevention procedures give HiveRisk Limited a call to see how we can help. We are currently running a bespoke fraud risk review masterclass. Take a look at our infosheet to see whats included. https://lnkd.in/gE22Z_bT #fraudprevention #lawfirms #riskassessment #policies

With the failure to prevent fraud guidance now published, there is an urge for large organisations to either start or continue implementing their fraud prevention procedures. Hinesh Shah and Tom Stocker provide their thoughts in Pinsent Masons most recent update. #fraud #failuretoprevent #compliance #litigationpowerhouse

Fraud in Australia is a persistent fact of life, affecting businesses of all sizes and across all industries. While there is no foolproof method of preventing fraud, the risk can be minimised by taking a systematic and considered approach to its management. In this article, Geoff Peck, Partner of PKF Integrity, explains how any business to take immediate and effective steps to help prevent internal and external fraud. It's all about opportunity. Read the full article here: https://lnkd.in/gSNpuAPv Read the latest edition of our Clarity magazine here: https://lnkd.in/gi5bibkh #propelyourfuture #fraudprevention #wearepkf