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.’

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