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.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Partner at Pinsent Masons says Serious Fraud Office has secured 'one of the top ten enforcement actions of all time'
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal