Big Four firm KPMG says it is not surprised by the 24-year and five month
sentence handed down to former Enron CEO
for his part in the accounting scandal that resulted in the energy company
collapsing in 2001.
But it did not believe that lengthy sentences would eradicate the problem.
Adam Bates, global chairman of
KPMG Forensic, said:
‘Long sentences will never eradicate the problem, not least because many
corporate fraudsters seem to believe that they will never get caught.’
‘What is more important is to tackle the roots of fraud. Companies need to
ensure they have rigorous processes in place, at the highest level, so that
fraudsters cannot create micro-environments for themselves in which to operate,’
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements