Hayward in its annual report on fraud, is warning against ‘an explosion’ of
corporate fraud in 2008, particularly service industries such as IT, as managers
desperate to keep their jobs manipulate the books.
Simon Bevan, BDO head of fraud services, said fraud was more likely to be
discovered in a downturn when accounts came under closer scrutiny. In 2007, 267
cases of business fraud were reported in 2007, worth more than £50,000, with a
total value of just above £1bn.
Alex Plavsic, the head of fraud investigations at
KPMG, told Financial
Times that, if the current credit crunch did lead to a slowdown in 2008,
some high-value frauds in its wake could be expected.
KPMG said fraudsters were more likely to come from outside the organisation
they were defrauding. Over the past four years, employees and managers had
carried out the same number of frauds as outsiders but managers’ frauds at 48
were worth £346m as opposed to the 54 frauds by employees, valued of just £37m.
Steve Butler of Punter Southall Aspire highlights the importance of pension governance meetings to protect against mistakes and safeguard company reputation
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks