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.
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"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned