BusinessCompany NewsFinance chiefs split on fraud fears

Finance chiefs split on fraud fears

KPMG says fraud has trebled on year in the UK. Do you think fraud is a real risk to your company?

Link: MET recruits accountants to fight fraud

Fraud is a real risk to UK companies, according to more than one in three finance directors.

Just a week after it emerged the value of fraud and financial crime has more than trebled year on year, 36% of FDs in this week’s Accountancy Age/Reed Accountancy Personnel Big Question survey, expressed fears of their companies being attacked.

Of the FDs who thought their companies were at risk, none would give their names but many were frank that fraud was an ever present danger.

One said senior managers had to be watched constantly and that ‘this poses one of the greatest challenges to any system of internal controls’.

Another said his business was more at risk in the economic downturn.

‘I think a business that was previously successful may be tempted to commit a fraudulent act when it falls on hard times,’ said one FD.

Of the FDs surveyed, 47% said there was no risk. One said: ‘If an FD is answering yes to this question, they should be doing something about it.’

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

4w Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

5m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

5m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

8m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

8m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

8m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

8m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

8m Emma Smith, Managing Editor