19 January 2011
MUSCAT: Losses due to fraud account for more than five per cent of the corporate revenue worldwide, said an international expert here.
Addressing a seminar on corporate fraud and white collar crime, Horwath chief executive Frank Arford said the damage is in fact much more than the monetary loss in the form of aspects which come with a fraud like the reputational damage. The seminar was organised by Horwath Mak Ghazali -- a member firm of US-based multinational Horwath. "White collar crime goes undetected in the highly sophisticated and technology driven economic scenario of today," said Davis Kallukaran, managing partner of Horwath Mak Ghazali. C2
"Lack of internal controls and absence of appropriate governance process makes it easier to carry out frauds," he added.
The seminar was attended by 25 professionals, mainly from government sector, private organisations, banks, non-banking financial organisations and regulators.
The seminar was also attended by Crowe Horwath chief operating officer Kamel Abouchacra; Bernard Delomenie, regional director and Ghazali Muna Al Ghazali, the founder Partner of Horwath Mak.
Amarjeet Majumdar, consulting partner of Horwath Mak Ghazali said: "Horwath is glad to bring in such seminars like this with renowned experts on the subject which would raise the awareness on the subject and thereby help in preventing frauds".
Crowe Horwath is a top ten accounting and consulting network worldwide. Headquartered in New York, the network has significant presence in more than 100 countries across the globe operating from close to 600 offices and it has a staff and partner strength of 30,000.
Speaking on the sidelines of the seminar, Frank Arford said Crowe Horwath can be part of the growing process of the Sultanate especially in the tourism sector with vast investments the emphasis should be to reach out as wide as possible to attract inbound tourism. Towards this, 'Horwath HTL,' which is subsidiary of Crowe Horwath International specialised in hotel and leisure industry will be able to provide expert reviews.
MUSCAT: Losses due to fraud account for more than five per cent of the corporate revenue worldwide, said an international expert here.
Addressing a seminar on corporate fraud and white collar crime, Horwath chief executive Frank Arford said the damage is in fact much more than the monetary loss in the form of aspects which come with a fraud like the reputational damage. The seminar was organised by Horwath Mak Ghazali -- a member firm of US-based multinational Horwath. "White collar crime goes undetected in the highly sophisticated and technology driven economic scenario of today," said Davis Kallukaran, managing partner of Horwath Mak Ghazali. C2
"Lack of internal controls and absence of appropriate governance process makes it easier to carry out frauds," he added.
The seminar was attended by 25 professionals, mainly from government sector, private organisations, banks, non-banking financial organisations and regulators.
The seminar was also attended by Crowe Horwath chief operating officer Kamel Abouchacra; Bernard Delomenie, regional director and Ghazali Muna Al Ghazali, the founder Partner of Horwath Mak.
Amarjeet Majumdar, consulting partner of Horwath Mak Ghazali said: "Horwath is glad to bring in such seminars like this with renowned experts on the subject which would raise the awareness on the subject and thereby help in preventing frauds".
Crowe Horwath is a top ten accounting and consulting network worldwide. Headquartered in New York, the network has significant presence in more than 100 countries across the globe operating from close to 600 offices and it has a staff and partner strength of 30,000.
Speaking on the sidelines of the seminar, Frank Arford said Crowe Horwath can be part of the growing process of the Sultanate especially in the tourism sector with vast investments the emphasis should be to reach out as wide as possible to attract inbound tourism. Towards this, 'Horwath HTL,' which is subsidiary of Crowe Horwath International specialised in hotel and leisure industry will be able to provide expert reviews.
© Times of Oman 2011
