E&Y warns over fraud.
Levels of fraud in companies remain unchanged since 1998 and management is failing to implement the necessary measures to avoid fraud, according to a survey published today by Ernst & Young. The findings demonstrated that of the 739 organisations from 15 countries involved in the survey, 60% had suffered a fraud in the last 12 months. Of the financial services and banking institutions interviewed for the survey, almost five per cent had experienced more than fifty incidences. David Sherwin, head of the Ernst & Young fraud investigation group, criticised organisations for burying their heads in the sand and ignoring early warning signs. – News analysis, p12.