Financial controls aiding fraudsters

Financial controls aiding fraudsters

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.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In 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 resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In 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 resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The 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 resource