Stricter controls needed to fight staff fraud

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 reading