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09 Jan 2009
Nearly two thirds of US executives expects the rate of accounting fraud to increase in the economic crisis, according to a poll conducted by Deloitte.
Almost half of those questioned said their companies had put fresh measures in place to deal with investigations.
Kerry Francis, the head of Deloitte’s corporate investigations practice in the US, said: ‘While fraud is committed during strong economic conditions, it is clearly exacerbated in declining markets.
‘Smaller paycheques, reductions in employee headcount and internal controls, as well as diminished morale, are just a few factors that can open the door to fraud in a down market.’
The poll also revealed that almost 40% of executives believe increased fraud awareness training would help fraud prevention. Around one fifth thought prevention would be aided by ‘more robust’ fraud risk assessments and another fifth backed expanded internal audit monitoring.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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Due Diligence
Due diligence measures and governance techniques should be taken. Also, accountants should not be multitasking like being in charge of both debtors and creditors at the same time as this is open to abuse. The cheque book should be countersigned by two persons and the board of directors should be made more accountable and responsible for managing and monitoring transactions.
Posted by: Dr Jon Tay, 09 Jan 2009 | 00:00