Financial controls aiding fraudsters
Survey finds convicted scammers never fear audit procedures
Survey finds convicted scammers never fear audit procedures
Up to £72bn could be lost to fraud in the UK every year due to poor financial
controls at companies, a new study has found.
Research undertaken by risk consultants Protiviti, which undertook interviews
with convicted fraudsters, found that many companies were leaving themselves
severely exposed to risk through weak controls and inefficient audit procedures.
The interviews uncovered that many fraudsters were actually aided by poor
financial and regulatory systems, few were worried that the companies audit
procedures would uncover their scams, and many considered being caught just bad
luck.
A study by the Association of Certified Fraud Examiners also found that only
half of the country’s top 350 companies were taking extra anti-fraud measures,
and that £72bn could be lost to fraud every year, greatly higher than government
estimates of £14bn, according to the Financial Times.
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View articleThe proposed enhancements, including the focus on material misstatements arising from non-compliance, the introduction of a risk assessment process, a...
View article