The Banking Executive Magazine - February 2022

Level Up Forensic Skills of Arab Banks vidual's financial records. • During a forensic audit, an auditor seeks to derive evidence that could potentially be used in court. • A forensic audit is used to uncover criminal behavior such as fraud or embezzlement. • When you are a forensic auditor, you specialize in a particular brand of accounting. Smaller firms may not have a forensic auditor on the payroll, but most large, commer- cial accounting firms have forensic auditing departments. • Forensic audit investigations can uncover or confirm various types of illegal activities. Usually, a forensic audit is chosen instead of a regular audit if there's a chance that the evidence collected would be used in court. Forensic Audit law Forensic audits are presented as evi- dence by a prosecutor or by a lawyer representing an interested party. Be- cause finance is a complex disci- pline, the jargon used by forensic auditors to describe a company’s fi- nancial position is often highly pre- cise. This either requires a prosecutor or lawyer to call upon expert wit- nesses to explain the significance of the audit in layman’s terms or to have the auditor do so himself or herself in order to build a case. GLOSSARY OF IMPORTANT FORENSIC TERMS • Forensic Accounting: Forensic accounting utilizes ac- counting, auditing, and investiga- tive skills to conduct an examination into a company or in- dividual's financial statements. • Master Analyst in Financial Forensics (MAFF): A Master Analyst in Financial Forensics (MAFF) is a specialized accounting credential certifying expertise in identifying financial crimes. • Fraud: Fraud, in a general sense, is pur- poseful deceit designed to provide the perpetrator with unlawful gain or to deny a right to a victim. • Fiduciary Negligence: Fiduciary negligence is profes- sional malpractice when a person fails to honour their fiduciary obli- gations and responsibilities. • Traveling Auditor: A traveling auditor collects and analyses accounting data to deter- mine the financial status of a com- pany. • Corporate Accountability: Accountability is the acceptance of responsibility towards other par- ties. UNION OF ARAB BANKS EVENT The Union of Arab Banks’ (UAB) Conference on ABC, AMLA and MENA FATF Recommendations was held in 3-4 February, 2022 as a hy- brid event. The keynote speeches and opening remarks by Mr. Wissam H. Fattouh, Secretary General, Union of Arab Banks, H.E. Mrs. Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing, U.S. Department of Treasury, Mr. Michael Held, Gen- eral Counsel and Executive Vice President, Federal Reserve Bank of New York (NYFED); and Dr. Fahad Ibrahim Alshathri, Deputy Governor the BANKING EXECUTIVE 12 ISSUE 158 FEBRUARY 2022