Get to know Rob Fowlie, Ontario Practice Leader for MNP’s Forensic and Litigation Support team
Rob Fowlie has spent more than three decades in the forensic and litigation support industry, and it all started with a childhood interest. Read about his career path and learn more about the dynamic risks of fraud in this Q&A interview.
1. What led you to forensics?
As I reflect back on my life, I see many influences that led to a 30-year career as a forensic accountant. Growing up, I was an avid reader of books about mysteries and espionage. I was also a keen observer of human behavior and was very curious about the world around me. Accounting came naturally to me in high school and I chose to study accounting at the University of Waterloo.
Ultimately, I became a Chartered Accountant. My first inkling that forensic accounting might be a good field for my skills and abilities was studying for the CA Uniform Final Exam. The four-hour case on day one of the exam was an investigation and I scored in the top 10% that day.
A year or so later I read an article in CA Magazine about forensic accounting and found an advertisement in the back with a prominent forensic accounting firm. I applied for and got the job. I then went on to work on significant investigation projects with some great leaders who encouraged and fostered my growth as a forensic accountant to the point that I became a Partner. I worked side by side with some of the best forensic accountants in Canada if not the world.
2. How big an issue is fraud for businesses?
The risk is real. We know from case experience that fraud losses can cause businesses to fail and individuals to lose their life savings.
Now, there’s an industry of professionals and products to prevent, detect, and investigate fraud as well as an industry with people, products, and training to exploit business, like the cyber fraud industry. At an entity level, we know that fraud is an inherent risk that all businesses face today, and the risk can be mitigated by anti-fraud controls to an acceptable level. But the risk can never be eliminated as two or more individuals acting in concert can circumvent the best designed controls.
3. You’ve helped many entrepreneurs and their businesses fight fraud. What are some of the biggest fraud trends you feel businesses should prepare for today?
Cyber fraud is increasing exponentially every year and the organizations/individuals that perpetrate cyber fraud are becoming more sophisticated every day. Business leaders should be challenging their information technology leaders and services providers to protect business systems from intrusions and unauthorized access and to explain the unmitigated risks.
Similarly, fraud against the elderly and their estates has grown significantly over the past few years due to the generational increase in wealth in our society. Business owners should work with their advisors and lawyers to ensure their assets are protected during their retirement years and that upon death, their assets are distributed according to their wishes.
Finally, business leaders need to understand that the COVID-19 pandemic has caused unprecedented uncertainty and financial pressure on their employees, customers, vendors and business partners. Their businesses are at risk of being defrauded by trusted parties that are motivated if the opportunity presents itself.
4. What is the most important thing business owners can do to reduce the risk of fraud?
Business leaders should consider outside independent advice from specialists in cyber and fraud. Conducting a cyber risk assessment and a fraud risk assessment are important steps that an organization can do to reduce the risk of fraud.
To learn more about protecting your organization against fraud, contact Rob Fowlie, CPA, CA, CA-IFA, CFE, Partner, Ontario Forensic and Litigation Support Practice Leader, at [email protected] or 416.515.3802.