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When trusted employees are given the tools to commit fraud
November 14, 2023 @ 09:00 - 11:00
For many years, Medtronic International appeared to be a shining example of a law-abiding taxpayer in South Africa. However, this facade was shattered when their accountant, Ms. Hildegard Steenkamp, exploited vulnerabilities in both SARS and Medtronic International’s accounting systems to carry out an astonishingly massive case of fraud.
From June 2004 to May 2017, Ms. Steenkamp stole an astounding total of R537,236,176 from Medtronic International. Her scheme was meticulously orchestrated, involving the submission of falsified VAT returns to SARS, followed by fraudulent reimbursement claims to hide her criminal activities.
Nevertheless, after extensive investigations and forensic audits, her malicious deeds were uncovered, leading to her arrest on December 13, 2017.
In this session, we will delve into the following topics:
1. How Ms. Steenkamp managed to sustain her fraud for over 13 years.
2. The oversight of auditors in this matter.
3. The pivotal role of auditors in fraud detection.
4. The consideration of including forensic specialists as part of auditors’ risk assessment.
Attendees will earn up to 2 CPD hours
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Panel members
Facilitator
Mr Caleb Motsamai
Caleb Motsamai is a Partner/Director in Ernst & Young’s Fraud Investigations and Dispute Services division. His professional experience includes handling matters related to Fraud, corruption and other financial crimes both locally and internationally. Caleb was first exposed to forensic investigations during his tenure as a SAICA trainee accountant at the Auditor General. He holds a B.Com (Hons) in Accounting and also completed an Executive Leadership Development Program at the University of Stellenbosh.
Ms Carninda Sasman
Carminda is a Manager in the PwC Forensic Services Division based in Cape Town. She is a seasoned Fraud Risk Management professional with a demonstrated history of leading complex investigations in both the private and public sector for more than 20 years. The wealth of her experience was gained in the financial services industry inclusive of the lending, medical aid and long-term insurance industries.
Carminda’s experience includes Fraud Risk Management in both the private and public sector, developing and executing fraud risk management strategies, development and implementation of forensic methodology documents, drafting and implementation of fraud risk management policies , conducting financial crime risk assessments, compliance audits and due diligence assessments. Her experience further includes conducting financial crime awareness workshops across all employee levels.
Panellist
Mr Gerhard Geldenhuys
Gerhard Geldenhuys is a Director at PwC in Bloemfontein and is responsible for PwC’s Risk Assurance and Forensic Investigation Services in the Central Region of SA (North West Province, Free State, Northern Cape) and Lesotho. He has extensive public and private sector experience serving PwC clients for more than 23 years. Gerhard holds a BCom (Hons) from the University of South Africa, a Certificate in the Theory of Accounting, a Postgraduate Diploma in Auditing and is a Certified Internal Auditor. (CIA)
Mr Maxwell Matsinde
Maxwell is a highly focused and dedicated internal audit professional, with over 20 years of experience, possessing exceptional analytical and problem solving skills. A highly motivated team player, results driven, with extensive knowledge of internal auditing in the financial, property, life assurance, pension fund sectors and the public sector (including local, provincial and national government). Specialist risk management and corporate governance experience. Have excellent communication skills and have the ability to communicate professionally with both clients and colleagues.
Prior to joining Kgotlhetsa Consulting Services, Maxwell was an Associate Director at SekelaXabiso within their Internal Audit Division where he led large multiple assignments providing internal audit, risk management and consulting services.