BusinessCompany NewsStricter controls needed to fight staff fraud

Stricter controls needed to fight staff fraud

The International Chamber of Commerce has advised companies to implement stricter internal controls following the recent publication of the Ernst & Young and KPMG studies indicating that staff fraud grew substantially in 2002.

Link: Guide protects profession from fraud swindlers

‘These studies underscore the need for corporations to be aware of fraud risks not only externally, but internally as well,’ said Peter Lowe, assistant director of the chamber’s commercial crime services department.

‘Clearly, the financial losses are a large concern. However, internal fraud also points to the competency of a company’s accounting controls, and the general state of a company’s culture.

‘Companies should not only be thinking of penalising perpetrators, but should also be adopting preventative approaches through increased awareness and employee education.’

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

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

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor