ARTICLE
3 January 2023

Why You Need Background Due Diligence And Company Checks In Transactions

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Firmus Advisory

Contributor

Firmus Advisory Limited is a business consulting firm operating in three areas in Ghana, Regulatory Compliance,Market Research and Trade Development. We offer the following under services under these three areas. Regulatory Compliance- Company Formation,Tax Advisory,Immigration Support Services,Regulatory licensing and permits,Product certification.Market Research-Customer Experience,Market Insights,Industry Research,Employee Engagement,Business Plan.Trade Development- Business to Business match-making,Market Development, Market Entry Services,In-market seminars for visiting business delegations.
More than a third of organizations have experienced economic crime in the past 24 months, as reported by over 6,000 respondents to PwC's Global Economic Crime Survey 2016.
Ghana Corporate/Commercial Law

Are you doing a transaction in Ghana with a local business entity? Whether it is an arms-length trade transaction or a one on-one-transaction, the importance of background due diligence checks cannot be overemphasized.

More than a third of organizations have experienced economic crime in the past 24 months, as reported by over 6,000 respondents to PwC's Global Economic Crime Survey 2016. Sadly, most corporate fraud is detected only by accident. Therefore, it is imperative to invest in external agencies to undertake background due diligence checks, vendor verification, one of the major leaks in revenue loss.

Today, more than ever before, a passive approach to detecting and preventing economic crime is a recipe for disaster. There appears to be a widespread lack of confidence in local law enforcement and hence the burden of preventing, protecting and responding to economic crime rests firmly with organizations themselves.

What's more, one in five organizations (22%) have not carried out a single fraud risk assessment in the last 24 months. In fact, findings indicate that one in ten economic crimes are discovered by accident.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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