The latest KPMG
Forensic Fraud Barometer reveals more than £1bn in fraud claims reached the UK
courts in 2007 – the highest since 1995. Government bodies and agencies were the
most popular target of organised, criminal fraud, accounting for £889m of the
‘Organised gangs have been more active than ever, with a proliferation in VAT
frauds, ID thefts and other forms of white collar crime,’ Hitesh Patel, a KPMG
Forensic partner, told The Daily Telegraph.
Mr Patel said that, as the economy weakened, more employees might attempt
fraud to improve their own financial problems. Increased vigilance by companies
over unusual spending patterns or trends in their accounts was also likely to
help detect more cases of fraud.
London kept its position from last year as the centre of fraud, accounting
for £655m of the £1bn plus in fraud; followed by the Midlands at £117m of the
cases; and the North West, £200m of the total.
Credit crunch could lead to fraud bonanza
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.