MUSCAT, JAN 14 - The Association of Fraud Examiners (ACFE) Oman Chapter has announced that Davis Kallukaran (picture), Managing Partner of Crowe Horwath Oman, has taken over as President of the Oman Chapter. In addition, Badri Subudhi (of Galfar), an existing Board member, has been named training coordinator for the Chapter. Jose Chacko and Alison Benbow continue to be Vice-President and Secretary respectively. Thomas Totton (GM Risk bank Muscat) and Alan Harte (head of Internal Audit Bank Muscat) continue to serve as Board members, while Majid al Alawi (Bank Dhofar) has been invited on board as well.
“The ACFE is the world’s largest anti-fraud organisation and premier provider of anti-fraud training and education. Together with more than 80,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession,” said Kallukaran. The 2016 ACFE Report to the Nations on Occupational Fraud and Abuse estimated that on an average, businesses lose 5 per cent of their annual revenue to fraud. The report further noted that the total loss caused by the cases in our study exceeded $6.3 billion, with an average loss per case of $2.7 million.
Certified Fraud Examiners (CFEs) possess unique expertise in preventing and detecting fraud, and are highly valued by organisations spanning all industries, sectors and sizes. The Certified Fraud Examiner (CFE) credential denotes proven expertise in fraud prevention, detection and deterrence. CFEs around the world help protect the global economy by uncovering fraud and implementing processes to prevent fraud from occurring in the first place.
“Occupational fraud is a significant threat to any organisation. Those organisations which employ fewer antifraud controls are more vulnerable to fraud. Forensic auditing provides an investigation methodology and accounting analysis that is both suitable for the courts and will form the basis for discussion, debate and ultimately dispute resolution,” said Jose Chacko, Vice-President (Partner Forensic Technology services at Crowe Horwath Oman) The ACFE Oman Chapter is holding an evening seminar on “Digital Fraud-Emerging Challenges” at the College of Banking and Financial Studies on Wednesday, January 24. The talk is being delivered by Mubeen Khan, Adviser at the Capital Market Authority.
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