Transaction dumps can be analyzed using data models and hypothetical fraud scenarios to detect anomalies and suspicious transactions. Using advanced fraud detection techniques such as Benford's Law, and in consultation with audit teams we analyze historical data. With the help of tools such as IDEA and advanced data selection queries, macro-based models can be built to analyze the given set of data, as well as to provide the client with an easy-to-use set of functions for fraud analysis.

An in-depth study is conducted of the financial processes, the ERP system used, as well as inputs from previous risk assessments and internal audits. These inputs are then used to help design fraud scenarios, and transaction steps with dummy (but authorized) are carried out. It is then determined whether these transactions go through or are flagged as fraudulent at some control check point. Some of the possible areas to look at would be:

1. Double payments or payments for duplicate invoices
2. Forgotton or understated receivables, double credit notes, etc.
3. Ficitious, inflated, or duplicated payables
4. Irregularities in cash and bank transactions detrimental to the company
5. Possibility to hack into the ERP or accounting systems and change the data
6. Any other control deficiency which could result in a financial damage

Once the risks have been identified either through a study or through an in-depth fraud investigation, we will work with the organization to fix the issues and implement the controls. Typically, any successful fraud exposes a number of control weaknesses in the financial processes. Controls should be of preventive as well as detective nature. We should be able to answer the key questions - how do we make sure this never happens again, and how would we know if somethign like this is taking place?

Our expertise in this area stems from our close association with one of the country's leading fraud experts - Mr. Chetan Dalal a Chartered Accountant, Certified Fraud Examiner, Certified Information & Systems Auditor & Certified Internal Auditor. Mr. Dalal has vast experience in Fraud Detection, Forensic Accounting & Anti-Fraud Controls Implementation. We have carried out numerous assignments jointly combining the expertise of financial fraud investigation with digital forensics to recover trails that have been attempted to be wiped out by the perpetrators of the fraud. Previous assignments have covered financial institutions, automobile companies, telecom companies, engineering and pharmaceutical companies.