In recent years, many accounting frauds have weakened investor confidence in the reliability of financial reports. The sheer number of cases of financial reporting fraud and the inability of certified auditors to uncover the fraud are scandalous and discouraging. The solution to this threat definitely lies in fraud prevention, what this book is about, dubbed the “Fraud Prevention Guide.”

It is written by Waheed Aremu, who has more than 10 years of experience in anti-fraud activities, much of which was acquired from the legal audit functions and the banking subsector. Aremu holds a Bachelor of Accounting from Obafemi Awolowo University, Ile-Ife, Osun State and a Master of Business Administration from Ilorin University, Kwara State. He is a member of the Institute of Chartered Accountants of Nigeria (ICAN); Associate of the Association of Certified Fraud Examiners (ACFE), USA and the Chartered Institute of Bankers of Nigeria (CIBN).

This author says that fraud is a threat to modern business activities and economic prosperity. He educates that many large corporations have witnessed financial scandals due to the unethical conduct of high-level officials in the organizations. Aremu emphasizes that fraud also has systemic effects on the global economy, ensuring that, therefore, this book has been written to offer fraud prevention strategies. He says that no one is born to be fraudulent; rather, people gradually fall for fraud, often unknowingly, due to their ignorance of what fraud entails.

This text has nine chapters as far as structure is concerned. Chapter one is labeled “Introduction to Fraud.” In the words of this author here, “Fraud is a growing phenomenon in all societies today, and the threat of fraud is a reality faced by all nations. However, it seems that adequate attention is not being paid to this threat. The challenges are compounded by the fact that frauds are perpetrated in secret and many frauds can remain undiscovered and may in fact never be discovered, although some schools of thought believe that no fraud can remain hidden for long. term “.

Aremu emphasizes that fraud reports and the way they are committed catch people off guard. He says that scammers are ordinary people who simply take advantage of loopholes within the system. This author adds that it is also interesting to note that fraud experiences indicate that perpetrators traverse various shades of human endeavor. Aremu says this situation highlights the need for organizations to proactively manage fraud risks, create a roadmap for the effective implementation of anti-fraud programs, and establish a remediation policy to minimize the impact. This professional accountant clarifies that fraud slowly erodes jobs and investments and has a negative impact on corporate reputation or brand image.

He educates that there is no universally accepted definition of fraud, adding that, however, fraud is not an abstract concept because it is an idea that exists in real life in such a way that we can identify it when it is exposed.

Chapter two is based on the theme of overcoming the challenges of fraud. Here, Aremu explains that the challenges of fraud are not small in any human setting. He says that in today’s organizations, the challenges of fraud manifest themselves in various forms and these challenges must be appreciated in order to overcome them. “An organization faces the challenges of fraud from other corporate organizations that, in some cases, law enforcement and regulatory agencies may be unable to control,” says this author. He reveals that corporate fraud is also perpetrated by dishonest employees who defy all anti-fraud control measures to commit their financial crimes.

According to him, “the laws and regulations provide controls on fraud and other crimes because they contain sanctions to control the excesses of society. Similarly, organizational policies and procedures have sanctions and rewards. The experience in some cases is that opportunities are created for scammers, because they obey the letter and not the spirit of the law or policy, as the case may be … “

In chapters three through five, Aremu examines the concepts of understanding fraud prevention; effective fraud prevention and corporate governance framework.

Chapter six is ​​titled “Role of Key Stakeholders.” This author states here that the task of ensuring the success of corporate governance is collective and each actor has a role to play in achieving it. Aremu suggests that the board has the ultimate responsibility for implementing it within the organization. It says: “The external auditor has the responsibility not to be part of a financial statement that does not reflect a true and faithful view of the underlying accounting records …”

In chapters seven to nine, this author analytically radiographs the concepts of ethics; compliance; and ethics and compliance program.

The use of animal symbolism to illustrate the fraud risk quadrant and categories is part of the stylistic creativity of this book. A low-impact, low-frequency quadrant is identified as rabbits. The second high-impact, low-probability quadrant is represented by bears. The third low-impact but high-probability quadrant is that of dogs, while the high-impact, high-probability quadrant is represented by snakes.

The title of the text is brief but assertive. Aremu makes extensive use of graphics to visually expand the scope of readers’ understanding. The cover design is graphically simple but non-verbally communicative. The language is simple while the ideas are presented clearly.

An error is noted on the outside back cover: “… he has more than a decade of experience in anti-fraud and control activities, many of which were acquired …” instead of “… he has more than a decade of experience in anti-fraud and control activities, much of which was acquired … “This and other minor ones should be corrected in the next edition.

This text is conceptually a masterpiece. It is a compendium of effective solutions to the multiplicity of frauds that pervade our current society, especially the business world. This book is strongly recommended to auditors, corporate organizations, and managers of national economies. It’s fantastic.