Which services does IAFAA offer?

International Association of Forensic Accountants and Auditors

Forensic Cost Controlling

The main purpose of the cost control service is to identify the potential to reduce operating costs, to improve the financial result, including cash flow and profit, but also to prepare the company for significant changes and continuous improvement.

Reducing costs does not just mean reducing specific costs. Profits are much lower and at risk if sales and cost control don’t go hand in hand. A large sales volume does not necessarily mean a large profit. Large and increased sales often create the illusion of prosperity, while the hidden costs behind that image are too great and eat away at profits. Increasing profits through reducing and cutting costs must be based on an organized, planned concept, because cutting costs is not simply reducing some or all of the costs, in an unplanned or immethodical manner.

Forensic cost control is carried out by a specific methodology and covers all sectors of the company from production, through procurement, marketing, sales, human resources and administration.

If you think that there is a shortage of cash, that the costs of your organization are too high, that the business profit is too low in relation to the sales revenue, it is time to check your expenses - through forensic control!

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Forensic Audit

Misstatements in financial statements are not always the result of ignorance, oversight or misapplication of international accounting standards, but also of criminal acts for own profit.

Fraud threatens the company's business in many different ways, not only because of the financial damage, but it significantly spoils the image of that company in the eyes of the public and lowers the morale of employees. Based on the conducted research, it has been proven that on average, organizations lose 7-10% of their annual profit due to fraud, and organizations manage to recover only a small percentage of these losses .

In order to prevent a further increase in this type of crime, the possibility of discovering the manner in which the fraud was committed, as well as the identification of the perpetrators, is extremely important. Forensic audit and modern digital forensic tools play a key role in detecting criminal acts committed by the so-called "White collar".

Forensic auditing of financial statements is a relatively new, highly specialized service that assumes the special engagement of persons who are specially trained and have experience in preventing and detecting criminal acts.

The main goal of forensic audit is to detect criminal activity in the financial statements of the suspect or controlled subject of analysis, and from the basic, the individual goals of forensic audit branch in the following:

• detection and naming of perpetrators of criminal acts,

• discovering the manner, place and time of its execution,

• determining material damage and the impact of criminal activity on the business of the organization,

• providing evidence for judicial or disciplinary proceedings.

If you have doubts, doubts or reports that criminal activities are taking place in your organization, the expert team of IAFAA can help you.

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Financial Fraud Risk Management

Fraud and financial abuse are an unpleasant reality in today’s global marketplace with the average organization losing about 5% of its annual revenue due to fraud. As a result, fraud risk management is necessary to protect the end result, integrity and reputation of any organization.

Understanding each organization’s vulnerabilities and establishing an appropriate framework for identifying and responding to them is essential in today’s global marketplace, as regulators require more active management and investigation for a wide range of risks, including financial crime, fraud and corruption.

Corporate executives and directors are responsible not only for acts of fraud or bribery committed by themselves, but also for acts that may have been under their control but have not taken clear measures to prevent them. In fact, the risk of fraud exists in every organization - only to a different degree.

Through fraud risk management and anti-fraud services you can:

  • Identify, assess, and mitigate key risks of fraud and misconduct
  • Identify and determine priority areas in business that are prone to fraud and take appropriate action
  • Establish adequate anti-fraud measures to effectively mitigate the risk of fraud and combat misconduct

The IAFAA expert team can provide support in the following ways:

  • Overall assessment of the risk of fraud and misconduct,
  • Review of internal controls of fraud, compliance, anti-fraud programs and corporate ethics,
  • Designing compliance programs and improving fraud risk management processes, 
  • Assist management in designing and implementing fraud prevention frameworks, including corporate codes of ethics and conduct, fraud response policies, fraud prevention controls, communications, monitoring and prevention policies and standards,
  • Comprehensive and practical advice on all aspects of fraud risk management

IAFAA's expert team has knowledge and experience in the field of fraud risks facing today's businesses, and can help you identify areas of business vulnerable to fraud and misconduct, assess and prioritize fraud risks and propose actions to reduce the risk of fraud.

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Preparation for the implementation of the international standard ISO 37001: 2016

ISO 37001: 2016 prescribes requirements and provides guidelines for the establishment, implementation, maintenance, review and improvement of anti-bribery management systems. The requirements of ISO 37001: 2016 are applicable to all organizations (or parts of organizations) regardless of the type, size and nature of the activity, whether in the public, private or non-profit sector. In addition, it can be implemented as a standalone standard or be integrated with other management systems.

ISO 37001 serves as a precautionary framework for organizational integrity and helps combat the risks associated with bribing and fostering a decent business culture. It helps organizations prevent, recognize and respond to bribery and adhere to the law on the prevention of bribery and corruption.

Compliance with the ISO 37001: 2016 standard yields benefits for the organization, because:

  • It strengthens controls, reduces the risk of bribery and corruption.
  • It provides assurance to management, employees, owners, financiers, clients and other business associates that internationally recognized anti-corruption control practice has been established.
  • It demonstrates that the organization has taken reasonable steps and the necessary controls to prevent, detect and respond to bribery and corruption.
  • They gain a competitive advantage in the market, especially in tenders.
  • They comply with Art. 49 and Art. 50 of the Law on Public Procurement.
  • Advantage for entering international supply chains.
  • The organization gains a better image and reputation with all stakeholders.
  • Integrity of the organization is improved.

The IAFAA expert team can provide support in the following ways:

  • Training of the project team / implementation team for practical understanding of the ISO 37001: 2016 standard,
  • Review of documents and assessment of compliance of existing policies, processes, procedures,  
  • GAP analysis for compliance with ISO 37001:2016,
  • Mapping and risk assessment of bribes and corruption of each risk process and/or department and/or business unit (identification of the most exposed positions, assessment of inherent / residual risks, risk assessment of specific transactions, related parties)
  • Support in the creation and / or improvement of operational documents of the anti-bribery management system,
  • Raising awareness and capacity of employees through the implementation of necessary training programs

Rely on the IAFAA expert team, save your time and prepare to receive the certificate as soon as possible.

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External Assessment of Internal Audit

According to IIA Standard 1312-External Evaluation, the organization must conduct an external evaluation of the quality of internal audit work by a qualified external evaluator or a team of evaluators at least once every five years.

Whether your organization belongs to the business, public or banking sector, it is essential to adhere to this internal audit standard.

The IAFAA expert team can provide support via assessment of compliance with international standards for conducting internal audit , in particular:

  • Purpose, authority and responsibilities of the internal audit service
  • Independence, objectivity and expertise
  • Managing the activities of the internal auditor
  • Planning and performing engagements
  • Communication with shareholders/owners
  • Progress monitoring methods

The IAFAA expert team consists of experts for the external assessment of the quality of internal audit work from the region and can facilitate your fulfillment of legal obligations in the public and financial sector.

Contact us and schedule a meeting here.