Traditional auditing techniques are increasingly under scrutiny for not having detected some of the biggest financial scandals in 2017. The reason is simple-traditional auditing is not proactive in nature. Auditors in the past have been specialised in creating post-facto reporting. The problem is the horse has bolted, the financial and reputational damage done and lives and careers ruined. All that can happen is a forensic mop-up, court cases. The damage has been done and recovery is challenging if not possible.
Investors, customers and suppliers are demanding a new approach that can prevent damage, a proactive approach.
Fraud and corruption are the outcome of the Interplay between culture, relationships, hierarchy and opportunity. These elements have not been part of the auditors’ toolbox. Until now
Culturescan provides a holistic tool that enables both a quantitaive and qualitative approach to organizational assessment that engages all key players including employees and suppliers. As such, it is an early warning system that helps to mitigate damage before it happens.
How does it work? – each employee is provided an on-line assessment that focuses on organizational values, culture, team dynamics, linguistic patterns, quality of relationships to name a few. As the assessments are completed, a comprehensive picture emerges that highlights zones, processes and relationships that may indicate an increased probability of fraud and corruption including feedback that prevents it from happening in the first place.
Who is it for? – Investment fund managers, boards of directors, employees and audit firms.
What are the benefits? – Engage feedback from all employees- they have a voice now. Safegaurd shareholder value & business reputation. Demonstrate commitment to transparency. Detect and deal with corruption before it happens.