From investigations into corporate frauds over the years – whether those of listed or unlisted entities - the Corporate Fraud Division (“CFD”) has observed that corporate frauds involving top management of companies could not have been committed without the active involvement and assistance of persons with financial knowledge and know-how.
In 2006, CFD started its inaugural outreach program to final year accountancy undergraduates of Nanyang Technological University. Its aim is to reach out to those aspiring accountants, financial officers and potential chief financial officers on the pitfalls of being involved in corporate frauds. CFD’s outreach program aims to:
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Instill an awareness on the importance of maintaining a high standard of ethics and integrity when they join the workforce;
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Let them know that they do have an important role to play in safe-guarding the financial integrity of their future workplaces; and
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Highlight the consequences of being involved in any criminal wrong-doings should they be prosecuted and convicted for criminal offences.
On 18 February 2009, Ms Chia Siew Joo and Mr Andrew Pek, who are both Chief Investigation Officers in CFD, delivered a presentation to about 100 National University of Singapore (“NUS”) undergraduates. The focus of the presentation entitled ‘Crossroads’ was to bring home the message that key financial personnel in corporations must always place their professionalism above short term gains – be it the case of increased stock options, increased salaries or promotions. Two cases, namely Accord Customer Care Solutions Limited and China Aviation Oil (S) Corporation Ltd were featured and discussed. Key learning points on the importance of corporate governance and integrity, as well as the prosecution of accounting and financial professionals featured in the cases were highlighted.
From feedback received, more than 89% of the participants agreed that the CFD presentation had met its objectives, and that the presentation was well-structured. CFD plans to reach out to Nanyang Technological University in the next outreach.
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| CAO Chia Siew Joo addressing NUS students |
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CAO Andrew Pek sharing his views on the CAO debacle |