Fraud in the World Bank Organization

Fraud in the World Bank Organization

Fraud in the World Bank Organization.

Fraud in the World Bank Organization: While researching text written about fraud, one comes across various authors who have made publication about fraud. These publications are commonly journals, pamphlet, brochures, books and articles.

Fraud levels and costs continue to increase with time. Some mechanisms, for instance, the 2002 Sarbanes-Oxley Act (SOX) have been established to primarily attempt in combating the increasing corporate fraud level and to hold managers accountable.

This paper will provide a fraud factors trend analysis in an effort to analyze the most prevalent factors that assist in the reduction of fraud events and the identification of fraudsters in the WB.

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Universities and colleges must incorporate more detailed auditing and fraud courses in the overall accounting programs in graduate and undergraduate level curriculums. As technology becomes embedded even more in organization such as the WB, it will come to be imperative for the in-house technology specialists to have understanding of preventing and detecting fraud by employing technology.

Accountants having technology experience will become ever more valuable to prevention of fraud as fraudsters grow into more technology savvy. Creating a fraud policy and strong ethics is one vital step to stop fraudsters from carrying out fraudulent acts in the WB.

In-house auditors must also partake a risk valuation to ascertain the vulnerabilities. And risks of the external and internal controls that are in position. Probing fraud factors and variables as shown in this paper aid with this valuation.

References

Black, H. C. (1900). Black’s law dictionary. St. Paul, Minn: West Pub. Co.

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