Association of Certified Fraud Examiners nominates new office bearers

The Association of Fraud Examiners (ACFE) Oman Chapter announced that Jose Chacko, Partner - Forensic Technology Services of Crowe Oman, has taken over as President of the Chapter. Jose previously served as Vice President of ACFE Oman for five years.

Meanwhile, a new board of elected officers has assumed charge from January 1, 2021.

Fathiya al Maskari of EY has been elected as the Training Director for the Chapter. The other board members are Khalil al Rawahi (Vice-president, Somya Sreedharan (Secretary), Kevin D’souza (Treasurer), Salim al Mushrafi (Membership Director) and Murad al Balushi (Director at Large).

Davis Kallukaran, outgoing president, will continue on the board as advisor and past president.

“The ACFE is the world’s largest anti-fraud organisation and premier provider of anti-fraud training and education. Together, with more than 85,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession,” said Jose Chacko.

According to a new report from the Association of Certified Fraud Examiners (ACFE), a single case of occupational fraud costs the victim organisation an average of more than $1.5 million, and Certified Fraud Examiners (CFES) estimate that organisations lose 5 per cent of their revenues each year to fraud.

In the ACFE’S 2020 ‘Report to the Nations’, a study of 2,504 cases of occupational fraud investigated by CFES in 125 countries, the typical fraud lasted 14 months before it was detected and caused a median loss of $8,300 a month.

ACFE Oman has achieved strong growth in terms of membership and certified members during the tenure of previous board under the leadership of Davis Kallukaran, said the Chapter in a statement. ACFE Oman Chapter is sponsored by the College of Banking and Financial Studies (CBFS).

“The recent fraud cases around the world points out the need for enhanced fraud awareness and education. It is very important to note that large numbers of nationals are attracted to the profession in recent years and it will add lot of value to Oman. A series of educational events will be organised during the year towards fraud awareness,” added Khalil al Rawahi, Vice-president of the Chapter.