NCJ Number
173733
Editor(s)
A Graycar
Date Published
1996
Length
76 pages
Annotation
These papers were presented at a Superannuation Crime conference held in Melbourne, Australia, June 21, 1996.
Abstract
The most common types of fraud in the superannuation industry include: diversion of funds; conflicts of interest between trustees, administrators and investment managers; misappropriation of assets; and improper registration and use of a fund's assets. Preventive controls include accountability, safeguarding, recording and authorization. Detective controls include reconciliation, verification, and review and monitoring. Some of the main signals which should alert trustees to the possibility of fraud include domineering trustees or senior management, long staff hours, high staff turnover in key positions, large year-end transactions, unexpected audit difficulties, member complaints, and unnecessary complexity. Papers in this document include broad overviews and specifics such as the perspectives of the police, the National Crime Authority, the regulator, and views from a big fund, an auditor and a practitioner. They provide a starting point to better understand countermeasures to superannuation crime. Notes, references