Forensic Audits & Fraud Risk Management

Welcome to JVB, a leading professional services firm specializing in forensic audit and fraud risk management in Mumbai. With a reputation built on integrity, expertise, and excellence, we are committed to providing our clients with comprehensive solutions to safeguard their businesses against fraud and financial misconduct.

As one of the premier forensic audit firms in Mumbai, JVB offers a wide range of services designed to identify, investigate, and prevent fraudulent activities. Our team of highly skilled professionals possesses extensive experience in forensic accounting, data analysis, and investigative techniques, enabling us to uncover and analyze complex financial transactions with precision.

At JVB, we understand the critical importance of proactive fraud risk management for businesses of all sizes. Our dedicated team works closely with organizations to develop robust strategies and frameworks to mitigate the risk of fraud, ensuring compliance with regulatory requirements and protecting our clients’ assets and reputation.

With a deep understanding of the local business landscape, our forensic audit services cater to a diverse range of industries, including banking and finance, manufacturing, retail, and more. We leverage our industry knowledge and cutting-edge technology to provide actionable insights and recommendations that drive effective risk management and enhance internal controls.

The Institute of Internal Auditors’ (IIA’s) IPPF defines fraud as:

Any illegal act characterized by deceit, concealment, or violation of trust. These acts are not dependent upon the threat of violence or physical force. Frauds are perpetrated by parties and organizations to obtain money, property, or services; to avoid payment or loss of services; or to secure personal or business advantage.

Characteristics of Fraud: Frauds can be committed by an employee at any level within an organization, as well as by those outside the organization. There are three common characteristics of most frauds:

Opportunity — the fraudster’s ability to commit the fraud.
Pressure or incentive — the need the fraudster is trying to satisfy by committing the fraud.
Rationalization — the fraudster’s ability to justify the fraud in his or her mind.

JVB Fraud Risk Management Program: We have team of Forensic experts having rich amount of corporate experience in conducting Forensic Audit, developing Fraud Risk Management program for the organization. An effective fraud management program includes:

Company ethics policy — “tone at the top” from senior management.: Ethics policies, Whistle Blower Policy & Fraud Risk Policy
Fraud awareness — understanding the nature, causes, and characteristics of fraud.: Red Flags
Fraud risk assessment — evaluating the risk of various types of fraud.: Risk Control Matrix to mitigate Fraud Risk.
Ongoing reviews — an internal audit activity that considers fraud risk in every audit and performs appropriate procedures based on fraud risk.: Internal Audits
Prevention and detection — efforts taken to reduce opportunities for fraud to occur and persuading individuals not to commit fraud because of the likelihood of detection and punishment.
Investigation — procedures and resources to fully investigate and report a suspected fraud event.

Framework for Fraud Risk Management:

Fraud Risk Policy for the company
Fraud Risk Committee formation
Identify Red flags & reporting
Periodic review of Fraud Risk for the company

Choosing JVB as your trusted forensic audit firm in Mumbai means partnering with a team that is committed to delivering results, maintaining confidentiality, and upholding the highest ethical standards. Contact us today to learn more about how our services can help safeguard your business and minimize the impact of fraud.