Just like other areas of society, schools are subject to the risk of fraud. Moore Stephens can provide an integrated fraud review process, helping you prevent fraudulent activity by ensuring that your systems are appropriate and risk management processes are in place.
The school education framework in Australia is undergoing critical change. As a result, schools are under increasing pressure to educate students while negotiating a constant shift in legislative, fiscal and economic requirements.
Our schools are working hard to enhance the quality of the education experience, to improve staff ratios and deliver the quality of education that helps students blossom into capable adults with the necessary life skills and experience for success.
Moore Stephens recognises the challenges many schools encounter when balancing the need for quality education with the shifting environment. Therefore, it goes without saying that we also appreciate how easily fraudulent activity can develop in an environment where stakeholder pressure and government imposed obligations are high.
How we will help you
As in all areas of our society, corporate or otherwise, fraudulent activity arises in a myriad of ways. Here at Moore Stephens, the types of fraudulent activity that we commonly find in schools include unauthorised credit card payments, payments to non-existent persons, skimming and unauthorised or overuse of expenses. Overall, we have identified 15 potential areas where fraudulent activity may be susceptible within your school.
At Moore Stephens, our National Education Group has broad reaching experience when it comes to developing effective school governance structures and uncovering processes vulnerable to fraudulent activity. These specialists will help you establish appropriate systems and help create frameworks that drive a culture built on trust and integrity.
Fraud Health Checks
Moore Stephens has developed a set of 'Health Check' reviews for the key fiscal areas of your organisation, including fraud. The review process will follow the steps as outlined on the next page.
The 'Fraud Health Check' review process
Step 1: Engagement
Meet with your team to confirm the approach.
Step 2: Research
Identify documentation to assist us in identifying the potential for fraud within your organisation, such as organisational charts, procedure manuals and delegation authorities.
Step 3: Review
Meet with your team and conduct the review using our unique 'Fraud Health Check', which investigates 15 distinct potential areas for fraudulent activity
Step 4: Report
Draft Fraud Health Check Report and discuss with your team.
Step 5: Finalisation
Finalise report with your team and meet with the Board to deliver findings.
Coordination and Control
The overall coordination of the Fraud Health Check is the responsibility of your relationship partner who maintains an involvement throughout the review process. We will monitor progress and inform you of any unexpected deviations from the planned timetable.
This publication is issued by Moore Stephens Australia Pty Limited ACN 062 181 846 (Moore Stephens Australia) exclusively for the general information of clients and staff of Moore Stephens Australia and the clients and staff of all affiliated independent accounting firms (and their related service entities) licensed to operate under the name Moore Stephens within Australia (Australian Member). The material contained in this publication is in the nature of general comment and information only and is not advice. The material should not be relied upon. Moore Stephens Australia, any Australian Member, any related entity of those persons, or any of their officers employees or representatives, will not be liable for any loss or damage arising out of or in connection with the material contained in this publication. Copyright © 2011 Moore Stephens Australia Pty Limited. All rights reserved.
