Association of Certified Fraud Examiners Uganda Chapter

On 11/03/2016, it was reported that Bank of Uganda (BOU) is under investigation to determine circumstances under which Ugx27billion was transferred to offshore accounts in Hong Kong and United Arab Emirates (UAE). This comes as the forth of four failed attempts by cyber criminals to retrieve a total of Ugx81billion from Bank of Uganda over the past 10 months since July 2015. In the report released by the Daily Monitor, hackers, middlemen and Ugandan bureaucrats are conniving to implement the thefts with major focus being placed on accounts with high budgets for instance The Defence, Energy and Agriculture ministries and Uganda National Revenue Authority.The first of these attempts is said to have occurred in July 2015 targeting Ugx40billion and the culprits re-emerged in December 2015 to steal Ugx6.7billion and then a month later to steal Ugx8billion and more recently on February 26, 2016 where Ugx27billion was targeted.

Thursday, 13 August 2015 13:44

Three signs of a bad CEO

Written by

Great executives excel at three critical things: (i) effective communication, (ii) rely on the people, trust in systems and procedures and (iii) continuous learning. A bad CEO or leader fails flat on all the three. Here is how to lead well.

(i) Communication. By far, President Barack Obama is a great orator and an effective communicator. Before he speaks, he not only understands the audience by knowing "what the audience wants to hear", he asks: "what is the key message I want this audience to take?"

fraud1

As a senior risk vendor analyst, I've primarily worked with companies that bring in annual revenues of $5 billion or more, and I've seen the full range of attempts to address fraud within the purchasing-to-accounts-payable cycle. Often, the company doesn't put a robust process in place until it's in the news with a violation, an FCPA incident or an internal case of undetected embezzlement that might have gone on for years. But why? As money walks out the door, why wouldn't companies adopt a more proactive stance for early detection?

Tuesday, 29 May 2012 07:29

ACFE Uganda Fraud Newsletter Part 1

Why do good staff commit fraud? Part 1

Do you know that many companies spend more to increase fraud than to reduce it? According to the Association of Certified Fraud Examiners, if one has pressure, opportunity and rationalisation, they will commit fraud.

These factors are summarised in the fraud triangle, below:

pressuretriangle1

CONTACT ACFE UGANDA CHAPTER

4th Floor Ntinda Complex,
Plot 33, Ntinda Road,
Opp. St. Luke Church
Kampala, Uganda

TEL: 0414 231 136

 

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