| The economy continues to face the ever growing | | | | So can it be the case that an accountant can deal |
| burden of fraud. It is estimated to cost us many | | | | with fraud as effectively as the police? It is |
| billions every year. Most people believe that the | | | | important to compare like with like in this case |
| police are there to protect us from the problem | | | | and two issues must be considered first: |
| but if the truth is known they have nowhere near | | | | 1. Many frauds are investigated by police |
| enough resources for this job on their own. | | | | constables who do not have any financial training. |
| Many believe that the first line of defence against | | | | 2. Most forensic accountants offer a range of |
| a fraud is the police. Investigating fraud is one of | | | | services and are not specialist fraud practitioners. |
| many responsibilities held by the police, along with | | | | But if you look at a forensic accountant |
| other regulators such as the Financial Services | | | | specialising in fraud and a trained police financial |
| Authority and the Serious and Organised Crime | | | | investigator, the better person to investigate |
| Agency. | | | | fraud is not obvious. |
| Crimes need to be reported to the police, and | | | | One definition of fraud is stealing using deception. |
| fraud is a crime. The various police forces around | | | | The fraudulent activity is often carried out within |
| the country will have a fraud squad or Economic | | | | business records. Therefore, substantial accounting |
| Crime Unit of some description, but these have | | | | competence is needed to unpick a fraud. Then |
| been dwindling in size over recent years. The | | | | again, it is not just a matter of analysing records |
| economic down turn and harsh cuts on public | | | | when conducting a fraud enquiry. It includes |
| sector spending means that this picture will only | | | | forensic document analysis, interviewing witnesses |
| become worse. | | | | and managing other investigators. It requires a |
| This is why when you report a fraud to the police | | | | working knowledge of relevant laws and legal |
| they may try to refer you to one of the other | | | | procedures. It requires precision and an enquiring |
| agencies or even ask you to consult with a | | | | mind, together with a robust approach. |
| specialist forensic accountant in order to | | | | Put simply, the best fraud investigators need to |
| investigate the fraud. They don't have enough | | | | have the skills of the police and the abilities of the |
| available officers to pursue every fraud reported, | | | | accountant - and anybody who does will be in |
| which is why they often ignore the smaller ones. | | | | great demand over the coming few years. |