Juan Carlos VenegasForensic accountant, fraud specialist and finance trainer

No.1 Provider of Non-Execs to UK SMEs

“Helping an SME client detect fraudulent transactions and mitigate their exposure.”

Case Study

How I helped an SME client detect fraudulent transactions and mitigate their exposure

Juan Carlos Venegas:

“I was tasked to carry out a forensic audit due to allegations of

fraud within the company and to set up procedures for prevention”

Client:

“The work Juan Carlos Venegas undertook helped the company

detecting ‘red flags’ of fraud and a conspiracy to defraud the

company hundreds of thousands of pounds. The forensic audit that

Juan Carlos Venegas carried out identified and quantified losses of

£50,000, but those losses could have been higher without setting

up stronger procedures. Now our exposure has been minimised but

we continue to implement independent reviews and regular tests

of our procedures”

How I helped an SME client detecting fraudulent transactions and mitigate their exposure

Main challenges

The company had weak internal controls and they lacked an independent

review of transactions, proper authorisations, reconciliations and proper

closure within a set timeframe

Overcoming the challenges

I first carried out a forensic audit in order to identify where loss of assets and

resources could happen and also to quantify the losses. Then I designed

proper internal controls and procedures, training and awareness on fraud for

staff so the company could mitigate their exposure to the risk of fraud.

What value was your role to them

They became more conscious of the risk of fraud and the loss and damage

that would represent to the company. They were receptive to the new ideas

and to the fact that they were not free from the risk of fraud as they thought.

Profile: Juan Carlos Venegas

Juan Carlos is a hands-on individual who takes a proactive approach to the issues that

companies face. He applies his knowledge and experience to the individual cases and

listened to their clients and their needs.

His skills and experience have been developed from what he has observed as a common

factor in a number of different companies. And he uses that knowledge and experience

in his training for companies worldwide.

His competencies:

Fraud prevention and detection

Financial statements analysis and data analysis

Forensic audit and fraud investigations

Budgeting, forecasting, financial management and final accounts

NXD is the No.1 Provider of Non-Execs to UK SMEs

Wanting to grow their business to the next level

Concerned that their business is getting too big to manage

Frustrated with persistent and damaging issues

Facing new types of challenges in the future

Preparing their business for succession or sale

Needing a high quality, independent sounding board

NXD non-executives have substantial commercial experience that enables them to act as a seasoned sounding board. They also have the commercial acumen to help you improve your financial performance. Non-exec services include: Vision, strategy, planning Fund raising Succession planning, acquisition &

exit

Geographical and product expansion. Leadership coachingNXD non-executives operate across the full range of industry sectors including: AutomotiveBusiness ServicesCharities & Not For ProfitEnergy & ChemicalsFinancial ServicesGovernment/Public SectorHealthcare & PharmaceuticalsIndustrial ManufacturingICT/TechnologyLeisure & TourismMedia/Advertising/PRProperty & ConstructionRetail & Consumer GoodsTransport and LogisticsUtilities

NXD is a network that provides non-executive services to SMEs. Challenges that the NXD non-executives work with business owners to address include:

NXD is a membership organisation of 100 plus business leaders using their experience and skill to help hundreds of businesses across all sectors improve their financial performance.

It is a fact that SME’s with non-executive directors consistently outperform their counterparts who don’t have one.

NXD will help you find the right non-executive director for your business, the one that will add real value and help take your business on to the next level.  Even better, we normally find the person for you free of charge.

Contact: 08450 038 213email: info@nxdservices.com

Website: www.nxdservices.com