Understanding Business Fraud in Oman
Fraud is unfortunately, bound to be an issue all business people need to be aware of and confront at some point in their careers. That fact is a given. But now it appears – according to some experts on the subject – that it is also a somewhat significant contributing factor to today’s worldwide economic recession too. There were around 50 accounting and finance professionals at the conference, with representatives from Oman’s Central Bank, Capital Market Authority and State Audit Institution. The event’s Guest of Honor was the adviser to the Central Bank of Oman and President of Institute of Internal Auditors (IIA) Oman, Ayisha Al Mawaly.
Speaking at the Association of Chartered Certified Accountants (ACCA) Oman held at the Muscat’s Majan Continental Hotel, forensic accounting and fraud and corruption investigations expert Simon Padgett pointed out that the first step in countering this issue is to develop a sensitivity to different types of corruption, fraud and money laundering. As well, as recorded in an article in the Oman Tribune, this “goes a long way towards establishing anti-fraud programs in our companies. We can only fight the opponent we know,” he noted.
Since Padgett is director of corporate integrity at the Tourism Development and Investment Company, he is definitely in the know when it comes to fraud combatting methods. Indeed, he is quite the expert on “fraud prevention techniques and anti-money laundering and protection.” There were various other presentations at the conference, which were also received well. Indeed, according to country manager of ACCA Oman, Mohammed Sajid Khan, they were very timely since the Sultanate has recently “entered the era of massive development in all sectors and means to prevent fraud have to be kept in mind.” The ACCA is today working very hard to develop auditing skills and methods of preventing any types of business malpractice activities.