Dear Editor,
Given the information that has been reported thus far it would seem that the Government of Guyana has sufficient information to establish ‘predication’ to begin a series of fraud examinations. The Association for Certified Fraud Examiners defines predication as the totality of circumstances that would lead a reasonable professionally trained, and prudent individual to believe that fraud has occurred,
A fraud examination is very different from a forensic audit, an internal review, an investigation, or any of the other types of inquiry being referred to in the news, none of which is designed to prove or disprove fraud. On the other hand, a fraud examination refers to the process of resolving allegations of fraud from the inception to disposition when the facts are unknown or unclear. This type of examination will seek to obtain facts and evidence to establish what happened, identify the responsible party and provide recommendations where applicable. This is an involved and lengthy process and should be conducted by certified fraud examiners and other experts familiar with fraud detection.
To this end, the Government of Guyana should engage a firm which specializes in conducting certified fraud examinations. This firm must have the requisite credibility and legitimacy to undertake this type of examination. In addition such a firm should be independent both in fact and appearance.
The importance of due professional care in matters of fraud and corruption cannot be overemphasized. It is critically important to get this done right, regardless of how long it takes.
Yours faithfully,
Floyd N Haynes
