Due Diligence is becoming increasingly important to protect companies from exposure to fraud and corruption.
Due Diligence is the exercise of the right to review claims made by a prospective employee or a person or company who wants to establish a business relationship with you. It can also apply to the sale or purchase of a business or property. There are various approaches to due diligence. You can call on the expertise of a legal team to ensure all the legal aspects have been addressed; you can call on the expertise of a financial team to ensure the claims of financial stability are correct.
ACCA provides a service for general due diligence – what is the history of the person or company? Why is there a gap in the resume? There have been repeated instances of a failure to conduct appropriate enquiries into the background of a person or company resulting in the company being exposed to fraud and severe losses.