A manifestation of fraud. We speak of corruption when a person abuses his or her position for personal or business profit. In addition to bribery, corruption includes extortion and undue influence (e.g. due to a conflict of interest). It does not matter whether the recipient, extortionist or instigator of the…
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A situation where a person serves multiple interests and where these interests conflict or may conflict and are incompatible with each other. These interests may be either business-related and private interests, or a mixture of the two. Conflicts of interest impair independence and threaten integrity. A conflict of interest is…
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A person within an organisation, to whom employees can report confidential matters, such as malpractice and violations of the integrity standards. The confidential adviser can also address and prevent undesirable behaviour such as bullying, harassment and discrimination in the workplace. Integrity, anonymity (if desired) and confidentiality are key elements of…
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The organisation chooses to change a previously selected accounting policy. One or more accounting principles for measuring assets and liabilities and determining the result differ from those used in the preparation of prior annual accounts. The Dutch Accounting Standard Board has further elaborated on (the processing approach for) changes to…
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Acting within the framework of laws and regulations with inventive use of professional expertise. A characteristic of an organisation with high business integrity is that it acts to prevent conflicts of interest, corruption, fraud, violations of the law and/or other acts that are socially undesirable.…
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A chartered accountant (RA) or an accounting consultant (AA). The term accountant is also used to refer to an accounting firm. In these recommendations, the term accountant refers to the accountant who audits the organisation’s annual accounts, or issues a compilation report in connection with them. An accountant may be…
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Advisory constitutes the fifth pillar of the Holistic Framework for Fraud Risk Management, a critical tool for organizations facing the complexities of fraud and cyber risks. This pillar focuses on providing strategic and comprehensive guidance to help organizations not only address current legal and operational challenges but also proactively prepare…
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Response is the fourth pillar of the Holistic Framework for Fraud Risk Management and plays a crucial role in effectively addressing fraud and cyber incidents once they are identified. This pillar focuses on developing and executing strategic plans to respond to incidents, mitigate damage, and restore the organization’s integrity. A…
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Investigation constitutes the third pillar of the Holistic Framework for Fraud Risk Management and is an essential component for thoroughly understanding and addressing fraud and cyber incidents. This pillar focuses on the systematic collection and analysis of data to grasp the core of the problem and to obtain concrete evidence…
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Detection is the second pillar of the Holistic Framework for Fraud Risk Management and plays a crucial role in timely identifying potential fraud and cyber risks before they can escalate into significant issues. The detection process involves implementing advanced monitoring and analytical tools that enable organizations to quickly notice suspicious…
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