Perspective 25 Jun 2024 6 minute read

Fraud Risk Assessment

An effective anti-fraud tool for SMEs

Small and Medium Enterprises (SMEs) are vital for economic growth,
especially in developing countries, but are particularly vulnerable to
fraud. The Association of Certified Fraud Examiners (ACFE) 2024, A
Report to the Nations, highlights that smaller budgets and revenue
make SMEs more vulnerable to the impact of fraud compared to
larger organisations.

Small businesses are at higher risk of fraud due to their limited

resources, relatively informal processes, and lack of anti-fraud
technology. To protect themselves, businesses can conduct a Fraud
Risk Assessment (FRA), as recommended by the Chartered Institute
of Management Accountants (CIMA) and the Committee of
Sponsoring Organisations (COSO) .

This assessment helps identify and manage fraud risks efficiently,

even with limited resources.

This article discuss how FRA can help small businesses in Ghana
combat fraud. Future articles will cover additional components
needed for a comprehensive fraud risk management programme for
SMEs.
Download to know more

Author: Yaw Appiah Lartey

Get in touch
Yaw Appiah Lartey
Partner, Financial Advisory

 ylartey@deloitte.com.gh
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