GACCFE cautions the public of Serious Banking Fraud & Scam

 GACCFE cautions the public of Serious Banking Fraud & Scam

The Ghana Association of Certified consultants & Fraud Examiners (GACCFE) wish to caution the general public to be vigilant of a serious BANKING FRAUD and SCAM perpetuated by fraudsters using the BANK OF GHANA official Email: boginformation@bog.gov.gh and their COLLABORATORS of framed-up QGBank in Qatar. These scamers managed to tap into the database of Ministry of Trade and Industry-Ghana Private Sector Development Fund (GPSDF) by spamming easy and juicy loan opportunity to all their clients who have been beneficiaries of their Italian Credit Facility. As it stance now some of the GPSDF clients have been coned and duped.

GACCFE team of fraud examiners in their investigations in an interview with GPSDF official revealed that their outfit denied working knowledge of such scam and banking fraud. "We are chocked by such fraudulent activities" they said. Adding that they in their capacity have contacted the Bank of Ghana and this issue was reported.

If you have ever received any email of this kind please be warned that it's a cooked up banking scam

".......Dear ....
We are pleased to inform you that you can apply online and get a loan in 14days from QGB Qatar branch. Starting at $20,000.00USD up to $1,000,000.00USD at 2.5% interest rate. The process is easy, fast and convenient.

If you will like to know more and how to apply, please click here to read full article or visit the link below.
http://bit.ly/1UGPyuN

Regards
GPSDF

One Thorpe Road
P. O. Box GP 2674
Accra, Ghana
Email: boginformation@bog.gov.gh
web: https://bog.gov.gh/..."

THEIR OPERATIONS
The association's inspector-led investigation unraveled their scam activities...and this is how they operate. You may be spammed to apply through this link http://bit.ly/1UGPyuN and to choose a representative and to sign a "service agreement" document. Then they proceed to ask for your personal account opening and two passports (one with white background and the other sky-blue background) thus stealing all personal information from you. Upon opening the online banking account then you would be directed to apply for your loan from QGBank Gateway Advance Loan. And at this stage you would be told to deposit some money into your account and complete a form by providing your banking information and by the time you are done with this all your money is gone. GACCFE as part of its core mandate has in the past mounted a crack down on them and wish to caution the public to be vigilant of this latest banking fraud. If you detect any fraud activity or you have been a victim of any fraudulent act please report it to us ceo@gaccfe.com

Dr. Kwasi Oppong wins International Star of Quality Award in New York.

Dr. Kwasi Oppong wins International Star of Quality Award in New York

A Leading Member of Ghana Association of Certified Consultants & Fraud Examiners (GACCFE) Dr. Const. Lic. Kwasi Oppong, CEO of Kwasi Oppong Company Ltd www.kwasioppong.com wins prestigious award in New York. "International Star of Quality Award (Diamond) received in New York on 30/05/2016.

Dr. Consultant Kwasi Oppong, a Chartered Certified Consultant-Ch.CC a leading member of GACCFE began his entrepreneurial spirit with the quest to succeed on genuine cause, led to the establishment of KWASI OPPONG COMPANY LIMITED in the year 1982 by the owners, Mr. & Mrs. Oppong. ,

This company which was ushered in as a retail entity in the sale and distribution of Iron Rods, Cement, Wire Nails and other building materials has seen growth by the passage of time. Kwasi Oppong Company Limited has become an industrial hub hence the accolade “The One-Stop-Centre for Building Materials”. At Kwasi Oppong, all building materials can be obtained under one roof.

With the supply of iron rods, cement and other building materials as its pre-occupation, Kwasi Oppong Company Limited is ushered into the manufacturing of Quality Wire Nails and Roofing Systems in Aluminium, Aluzinc and Galvalum with the brand name, “HEART BRAND” nails and roofing sheets. The Nails can be obtained in all the sizes whilst the roofing sheets can be obtained both in the standard size and the Long span with an array of beautiful colours to choose from.

Speaking to the Ghana Association of Certified Consultants & Fraud Examiners (GACCFE) from New York "I'm very optimistic that this award would set the agenda towards Ghana's industrialisation" he said. Kwasi Oppong company Ltd has in the past won numerous prestigious awards and has impacted significantly in delivering quality products in the building, construction and the engineering industry at large.

Dr. Const. Lic. Kwasi Oppong,Ch.CC the CEO of Kwasi Oppong company Ltd is passionate that a "wakeful youth of Africa is key to Africa's industrialisation...i wish to spend my time mentoring the youth" he said. On behalf of the distinguished Board of Standards and Zonal Heads of Ghana Association of Certified Consultants and Fraud Examiners we wish to congratulate him for such a prestigious award.

www.gaccfe.com, Mob: 0207932977, Office Line: 0302200929, Email: info@gaccfe.com, gacc.consultants@gmail.com, Address: Box yk 1487 Accra-Ghana.

Get CHARTERED & CERTIFIED as a CONSULTANT. Sit for Ch.CC exams at all Pearson Testing Centres globally.

Become  CHARTERED & CERTIFIED as a CONSULTANT. Sit for Ch.CC exams at all Pearson Testing Centres globally.

¾      www.gaccfe.com, Mobile: 0207932977, Office Line: 0302200929, Email: gacc.consultants@gmail.com, info@gaccfe.com Address: P. O. Box YK 1487, Kanda Accra-Ghana, Loc: Tamale Office-Centre for National Culture Building-Tamale, Headquarters: FAACO COMPLEX BUILDING, Opposite Police Depo-Tesano, Upper West Regional Office: Opposite ASUDEV-Tumu-Bolga road

¾      Accredited by Legislative Decree, 1973 (NRCD Act 143 PB. N0 64)

¾      Member, Association of Recognized Professional Bodies (ARPB)

¾      Recognized by Bandar Bin Shamal Lawyers & Legal Consultants

¾      Accredited by International Accreditation Organisation (IAO)

Recognised and Affiliated to the Trade Union Congress (TUC) as a labour Union

^{¾       Examinations & Education Conducted by PEARSON VUE in Europe, Asia, USA, Africa, Middle East}

¾      All courses  accredited & approved for ISO 9001 Certification and for ISO 29990 Certified Training Provider

Become a CHARTERED FRAUD EXAMINER. Sit for CFE exams at all Pearson Testing Centres globally.

Become a CHARTERED FRAUD EXAMINER. Sit for CFE exams at all Pearson Testing Centres globally.

¾      www.gaccfe.com, Mobile: 0207932977, Office Line: 0302200929, Email: gacc.consultants@gmail.com, info@gaccfe.com Address: P. O. Box YK 1487, Kanda Accra-Ghana, Loc: Tamale Office-Centre for National Culture Building-Tamale, Headquarters: FAACO COMPLEX BUILDING, Opposite Police Depo-Tesano, Upper West Regional Office: Opposite ASUDEV-Tumu-Bolga road

¾      Accredited by Legislative Decree, 1973 (NRCD Act 143 PB. N0 64)

¾      Member, Association of Recognized Professional Bodies (ARPB)

¾      Recognized by Bandar Bin Shamal Lawyers & Legal Consultants

¾      Accredited by International Accreditation Organisation (IAO)

Recognised and Affiliated to the Trade Union Congress (TUC) as a labour Union

^{¾       Examinations & Education Conducted by PEARSON VUE in Europe, Asia, USA, Africa, Middle East}

¾      All courses  accredited & approved for ISO 9001 Certification and for ISO 29990 Certified Training Provider

Understanding & Detecting Financial Statement Fraud in your company. Enroll & qualify as a Chartered Fraud Examiner

FINANCIAL STATEMENT FRAUD

Financial statement schemes are one of a large category of frauds that fall under the heading of Occupational Fraud and Abuse, which is defined as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organisation’s resources or assets.” Simply stated, occupational frauds are those in which an employee, manager, officer, or owner of an organisation commits fraud to the organisation’s detriment. The three major types of occupational fraud are corruption, asset misappropriation, and fraudulent statements (which include financial statement schemes). The following diagram shows the complete classification of occupational fraud, frequently referred to as the Fraud

Tree.

(NOTE: The discussions pertaining to accounting rules and standards in the following sections are generalised, and are based on accounting practices common to many countries. However, required accounting treatments vary among regions and organisation types. Therefore, it is important to consult the applicable accounting standards governing the organisation being examined to determine whether a particular accounting treatment is correct.)

The Fraud Tree

Financial Statement Fraud

What Is Financial Statement Fraud?

Financial statement fraud is the deliberate misrepresentation of the financial condition of an enterprise accomplished through the intentional misstatement or omission of amounts or disclosures in the financial statements to deceive financial statement users.

Note that financial statement fraud, much like all types of fraud, is an intentional act. As stated in the International Standard on Auditing (ISA) 240, The Auditor’s Responsibility Relating to Fraud in an Audit of Financial Statements, “misstatements in the financial statements can arise from error or fraud. The distinguishing factor between error and fraud is whether the underlying action that results in the misstatement of the financial statements is intentional or

unintentional.”

Financial statement fraud is usually a means to an end rather than an end in itself. When people “cook the books,” they might be doing it to “buy more time” to quietly fix business problems that prevent their company from achieving its expected earnings or complying with loan covenants. It might also be done to obtain or renew financing that would not be granted, or would be smaller, if honest financial statements were provided. People who are intent on profiting from crime might commit financial statement fraud to obtain loans they can then siphon off for personal gain or to inflate the price of the company’s shares, allowing them to sell their holdings or exercise stock options at a profit, or even obtain

bonus money calculated based on sales or profits. However, in many past financial statement fraud cases, the perpetrators have gained little or nothing personally in financial terms. Instead, the focus appears to have been preserving their status as the organisations’ leaders—a status that might have been lost had the real financial results been published promptly.

Financial statement fraud almost always involves overstating assets, revenues, and profits and understating liabilities, expenses, and losses. However, sometimes the opposite result is desired. For example, understating assets or revenue might lead to a smaller tax liability for

the company. Alternatively, a fraudster might wish to play down over-budget results in a good year in order to help make up for any shortcomings during the subsequent year.

Financial statements are the responsibility of the organisation’s management. Accordingly, financial statement fraud is typically committed by someone in a managerial role who not only has the ability to alter the financial statements, but also has an incentive to do so. Since fraud investigations are typically conducted or overseen by management, financial statement

fraud cases often persist for a long time before the whistle is blown or the fraud is

discovered by an external party.

For admission contact:      www.gacc.getafricaonline.com, Mobile: 0207932977, Office Line: 0372025575, Email: gacc.consultants@gmail.com, Address: P. O. Box YK 1487, Kanda Accra-Ghana, Loc: Centre for National Culture Building-TL