Fraud Control Cheklist - Mukanya Financial Services

1. Employee Fraud Prevention

Conduct background checks on all finance staff

Implement segregation of duties in all financial processes

Mandatory annual fraud awareness training for all staff

Establish whistleblower protection policy

Red Flags:
– Employees living beyond their means
– Staff refusing to take vacations
– Unexplained adjustments to financial records

2. Tax Fraud Prevention

Verify all tax certificates with ZIMRA before honoring

Reconcile VAT returns with actual sales records monthly

Maintain proper supporting documentation for all deductions

Implement three-way matching for all purchases

3. Invoice and Payment Controls

Control Measure	Implementation Checklist
Vendor Verification	Validate all new vendors against ZIMRA TIN database
Duplicate Payment Prevention	Implement automated invoice matching system
Payment Authorization	Dual approval required for payments above ZWL 1 million

4. Digital Security Measures

Multi-factor authentication for all tax filing systems

Regular password changes (every 90 days)

Restrict access to financial systems based on roles

Monthly review of system access logs

5. ZIMRA Compliance Verification

Quarterly reconciliation of PAYE returns with payroll

Annual verification of customs declarations with actual imports

Monthly review of withholding tax calculations

Common Fraud Schemes:
– False claims for VAT refunds
– Under-declaration of imports
– Falsification of PAYE records

6. Fraud Response Plan

Designated fraud investigation officer

Documented procedures for reporting suspected fraud

Relationship with forensic accounting firm

Insurance coverage for fraud losses

7. Whistleblower Program

Anonymous reporting hotline established

Clear anti-retaliation policy

Quarterly review of all reports

Publicize program to all stakeholders

8. Fraud Risk Assessment

Annual fraud risk assessment conducted

Documented fraud risk register

Controls mapped to specific fraud risks

Board-level review of fraud risks

Reporting Suspected Fraud

ZIMRA Fraud Hotline: +263 242 758 911

Email: antifraud@zimra.co.zw

Online Reporting: www.zimra.co.zw/report-fraud

ZIMBABWE REVENUE AUTHORITY

FRAUD PREVENTION CHECKLIST