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Name
   
Tel / fax
   
Email
   
 
 
 
Part A. Demographics
 
 
 
1.Position of Respondent
 
CEO/CFO
 
Internal Auditor
 
Other Board Member
 
Chief Accountant
 
 
 
2. Type of Organisation
 
Hotel
 
Travel Agent
 
Tour Operators
 
Health
 
Insurance Company
 
Bank/ Finance
 
Automobile Industry
 
Construction/ Development
 
Real Estate Agent
 
Manufacturing
 
Retail
 
Wholesale
 
Semi government org.
 
 
 
3.Legal status of Organisation
 
Private Co.
 
Public and Listed
 
N/A
 
 
 
4.Number of employees
 
<50
 
51-100
 
101- 250
 
251-499
 
500-1000
 
1000+
 
 
 
5.Sales (€)
 
< 10 m.
 
11-50 m
 
51-100m
 
100+
 
 
 
6.Assets (€)
 
<50m
 
51-100
 
100+
 
 
 
7.How aware are you of the term economic crime and its impact on your organization?
 
Not familiar
 
Well aware
 
Very Well aware
 
 
 
8.Does your company have a Code of Conduct?
 
Yes
 
No
 
 
 
9.Do you think there is a risk that fraud/ economic crime will increase in the near future in Cyprus?
 
Yes
 
No
 
Don't Know
 
 
 
10.a. If you feel that fraud will increase then state below the causes (You can √ more than one)
 
Economic crisis
 
Fall in ethical standards
 
Cyprus becoming EU member
 
Work environment that encourages crime
 
Everyone wants to get rich

 
 
 
10.b.If you feel that fraud will not increase then state why
   
 
 
 
Part B. General Part
 
 
 
1.Which of the following would not be tolerated by your company ( You can √ more than one):
 
Breaches of regulatory compliance
 
Corrupt payments
 
Diversion of budget spend to other non-sanctioned parts of an operation
 
Donations, sponsorship and cash payments that are inappropriate or way beyond normal or acceptable levels
 
Duplicate and/or over payments to suppliers and non-compliance with preferred supplier lists
 
Incorrect or false accounting in the books and records to conceal improper activities
 
Improper entertainment
 
Overriding of internal standard operating procedure controls such as sign off and approval processes
 
Actions taken which cause harm to the environment
 
Unauthorized access to data

 
 
 
2.Which of the following Fraud Risk Management initiatives would your company support as being good for the industry ( You can √ more than one)
 
Co-ordination of investigations between insurers, the police and other agencies
 
Cross matching to industry databases
 
Developing an ‘anti-fraud culture’ with senior management taking the lead
 
Developing pan-industry intelligence
 
Enhanced staff training

 
 
 
3.a.Which of the following types of fraud do you consider (perceive) to be the greatest risk to organizations in your industry?(You can √ more than one)
 
Breach of secrets
 
Corruption & bribery
 
Counterfeit
 
Embezzlement
 
False financial reporting/accounting fraud
 
Industrial espionage
 
Insider trading
 
Money laundering
 
Theft of cash
 
Theft of other assets
 
Theft of data/confidential information
 
Other
 

 
 
 
3.b.In which department in those organizations are these likely to occur?(You can √ more than one)
   
Breach of secrets
   
Corruption & bribery
   
Counterfeit
   
Embezzlement
   
False financial reporting/accounting fraud
   
Industrial espionage
   
Insider trading
   
Money laundering
   
Theft of cash
   
Theft of other assets
   
Theft of data/confidential information
   
Other
   
 
 
4.Type of fraud committed in your organization in the last 5 years
Employees Management External Parties (customers, suppliers etc)
Bounced cheques or cheque forgery
Conflict of interest
Corruption/bribery (taken)
Corruption/bribery (offered)
Expense accounts
Industrial espionage
Invoice manipulation
Money laundering
Overpricing
Payroll fraud
Employees Management External Parties (customers, suppliers etc)
Petty cash fraud
Poor quality of goods/services provided
Price fixing/ collusion
Theft of assets
Theft of cash (Through false claims)
Unnecessary purchases
Window dressing/ financial statement manipulation
 
 
5.Financial loss through fraud in the last 2 years (2006-2008)(€000)
Industrial espionage Asset misappropriation Corruption & bribery offered Corruption & bribery received False financial reporting
<10
10-49
50-249
250-499
500,-1 m
1 -2 million
2 -10million
>10 million
 
 
 
6.Opportunity provided which made fraud easy to occur(You can √ more than one)
 
Weak internal controls
 
Collusion
 
Type of business
 
Corporate culture that facilitates crime
 
External factors conducive for crime
 
Weak IT Security/access controls

 
 
 
7.Procedure when fraud is identified (tick the steps you are likely to take or have taken when fraud is identified in your organization)(You can √ more than one).
 
Civil action for recovery
 
Warning/reprimand
 
Disciplinary action
 
Permitted individual to resign
 
External investigation
 
Referred to appropriate authority
 
Immediate dismissal
 
Report to the police
 
Insurance claim
 
Reviewed by the audit committee
 
Internal investigation
 
Settled before the courts
 
Negotiated settlement
 
Settled out of court
 
No action or sanction
 
Voluntary resignation/retirement
 
Intra-company transfer
 
Other
 

 
 
 
8.The procedure(s) ticked in (7) would change if the perpetrator is:( You can √ more than one)
 
Senior Management
 
Middle Management
 
Employees

 
 
 
9.Has the fraud investigation resulted in Assert recovery?(You can √ more than one)
 
No
 
Yes
 
Issue is still on going
 
Has insurance to recover the loss so not concerned

 
 
 
10.Which of the following factors were affected or you think will be affected by a fraud in your organization?(You can √ more than one)
 
Reputation
 
Loss of share market
 
Share price
 
Staff morale
 
Impaired business relations
 
Impaired regulator relations
 
Fear of business disruption
 
None

 
 
11.Fraud impact on managements’ time and costs:
Some impact Significant impact
Takes up management time
Dealing with litigation issues
Managing public/investor relations
Dealing with regulatory requirements
 
 
 
12.Which of the following do you think have the main responsibility for dealing with the prevention of economic crime in an organization (You can √ more than one).
 
Board of directors
 
Internal audit
 
Internal legal counsel
 
External auditors
 
External legal counsel
 
Audit committee
 
Other
 

 
 
 
13.Which of the following factors are likely to prevent fraud (You can √ more than one)?
 
Internal controls
 
Internal Audit
 
Management reviews
 
Internal education policy
 
Encouraging and protecting whistleblowers
 
Regular rotation of personnel
 
External audit
 
IT General Controls
 
IT Internal Audit
 
Tone at the top

 
 
 
14.Does your organization have a written anti-fraud policy ?
 
Yes
 
No
 
 
 
15.Identify to which of the following your organization should communicate its anti-fraud policy to. ( please √ what is applicable)
 
Customers
 
Suppliers
 
Employees
 
Investors
 
Local management
 
Banks/financiers
 
None
 
Other
 

 
 
 
16. Are employees provided with formal training to help them understand and implement the organisation’s anti-fraud policies?
 
Yes
 
No
 
Not applicable
 
 
 
17.Are employees trained on the difference between facilitation fees and corrupt payments?
 
Yes
 
No
 
 
 
18.Which of the following measures does you organization have in place? ( please √ what is applicable)

A. Prevention
 
A comprehensive fraud and misconduct risk assessment
 
A well-implemented code of conduct
 
An appropriate employee and third party due diligence
 
A carefully planned communications and training program
 
Specific fraud training for management
 
A comprehensive IT security policy

 
 
 
B. Detection
 
Hotlines
 
Auditing and monitoring plans
 
Proactive forensic data analysis

 
 
 
C. Response
 
A thorough and well planned internal investigation
 
A disciplinary system
 
Public disclosure of fraud and misconduct
 
Remedial actions taken when misconduct discovered

 
 
 
19.Who should be a member of the Investigation Team if fraud is identified in your organization? ( please √ what is applicable)

A. Internal
 
Security
 
Legal department
 
Internal audit
 
Line managers
 
Finance

 
 
 
B. External
 
External Counsel
 
Forensic Experts
 
Accountants
 
Private investigators

 
 
 
20.Do you have an audit Committee?
 
Yes
 
No
 
 
 
21.Number of Audit Committee meetings per year:
 
1
 
2-3
 
4-6
 
7-12
 
12+
 
 
 
22.The size of the firm you are audited by is:
 
Big 4
 
Medium size
 
Small size
 
 
 
23.Number of years audited by the current auditor
 
1-4
 
5-10
 
10+
 
 
 
24.Number of years audited by the same audit firm
 
1-4
 
5-10
 
10+
 
 
 
25.Proportion of Non-Executive Directors on the Board
 
<20%
 
21-30%
 
31-40%
 
>40%
 
 
 
26.Proportion of Independent Non-Executive Directors on the Board
 
<20%
 
21-30%
 
31-40%
 
>40%
 
 
 
27.CEO is tenured
 
Yes
 
No
 
 
 
28.Number of years the CEO is in current position
 
<3
 
3-6
 
6-10
 
>10
 
 
 
29.Total % of shares owned by management
 
<10%
 
11-20%
 
>20%
 
 
 
Part C.: Profile of Fraudster

Think of the latest fraud you had in your organization and please complete the following regarding the person who committed the fraud. If no fraud was ever reported, think of one that you have heard of in your industry in Cyprus
 
 
 
1. Age
 
<20
 
21-30
 
31-40
 
41-50
 
50-60
 
61+
 
 
 
2. Gender
 
Male
 
Female
 
 
 
3. Marital Status
 
Single
 
Divorce
 
Separated
 
De Facto
 
Married
 
 
 
4. Spouse working?
 
Yes
 
No
 
 
 
5. Children?
 
0
 
1
 
2-4
 
4+
 
 
 
6. Ages of children?(You can √ more than one)
 
Up to 6
 
7-12
 
13-18
 
18+

 
 
 
7.Number of fraudsters involved
 
1
 
2-5
 
5+
 
 
 
8.Fraudster’s relationship to the organization that suffered damages
 
Internal
 
External
 
Collusion between internal and external
 
 
 
9.Internal fraudster –seniority
 
Staff
 
Management
 
Senior management
 
Board member
 
Not applicable
 
 
 
10.Internal fraudster- years of service at the victim’s organization
 
<1
 
1-2
 
3-5
 
6-10
 
10+
 
Not applicable
 
 
 
11.Internal fraudster – department/function
 
Legal
 
Board member
 
Research and development
 
CEO
 
Back office
 
Procurement
 
Operations/sales
 
Finance
 
Not applicable
 
Other
 
 
 
 
12.External fraudster- relationship to victim’s organization
 
Customer
 
Consultant
 
Subcontractor
 
Joint venture partner
 
Shareholder
 
Supplier
 
Not applicable
 
Other
 
 
 
 
13.Total amount (€000) defrauded
 
1,-9,999
 
10,-24,999
 
25,-49,999
 
50-99,999
 
100,-199,999
 
200,-499,999
 
500,-999,999
 
1-2mil.
 
>2mil.
 
 
 
14.Duration of period during which fraud(s) occurred
 
<1 year
 
1-2 years
 
3-5
 
6-10
 
>10 years
 
 
 
15.Fraud perpetrator’s motives ( please √ what is applicable)
 
Personal vices (e.g., gambling, affairs)
 
Lack of personal development
 
Conflicts of interest
 
Opportunity was available
 
Meeting budget/target
 
Greed/megalomania
 
Had personal/family financial problems
 
Influenced by other fraudsters
 
Career disappointments
 
Hiding losses
 
Grudge against the company

 
 
 
16.Fraudster’s personal characteristics ( please √ what is applicable)
 
Self- centered Weak self- control
 
Autocratic/authoritarian
 
Insensitive to victim
 
Spontaneous
 
Impulsive liars Money driven
 
Loner
 
Success oriented

 
 
 
17.Rationalisations (the reason(s) provided why he/she defrauded the organization)( please √ what is applicable)
 
The org. owes it to me
 
I’m just borrowing the money
 
Nobody will get hurt
 
I deserve more
 
It’s for a good purpose
 
Low temptation threshold
 
Something has to be sacrificed my integrity or my reputation

 
 
 
18.The fraud was discovered/reported by ( please √ what is applicable)

A. Internal
 
Co-worker
 
Supervisor
 
Whistleblower
 
Internal audit
 
Compliance
 
Security
 
Confession of perpetrator
 
Internal controls
 
Management review
 
Fraud risk management
 
IT manager/Chief Information Officer

 
 
 
B. External
 
Reported by the supplier
 
Reported by customer
 
Media
 
External auditor
 
Police
 
Regulatory authorities
 
Anonymous

 
Please contact [email protected] OR my associate [email protected], telephone 25002428 if you have any questions regarding this survey.
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