Finance chiefs split on fraud fears

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.’

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