Corporate internal fraud set to rise, PwC warns
Credit crunch set to fuel rise in fraud ranging from fiddling expenses to customer data theft
Credit crunch set to fuel rise in fraud ranging from fiddling expenses to customer data theft
Internal fraud within businesses in the run up to Christmas is likely to
increase as the economic downturn encourages employees to ditch normal ethics,
PricewaterhouseCoopers has warned.
PwC said there has been an increase in reports of fraud in companies in
various industries. The internal fraud can range from misappropriation of assets
and fiddling expenses to stealing sensitive customer data and misrepresenting
performance figures to help achieve better bonus
‘We know from previous recessions that internal fraud is more likely to
surface as economic conditions tighten,’ said Neal Ysart, forensic services at
PwC. ‘It is important that businesses take steps now to counteract any potential
for incidents to arise.’
‘It is not simply about someone taking the office sellotape to parcel
Christmas gifts but can be as serious as employees massaging expenses, something
that ocan have a real impact on cash flow.’
PwC urged companies to be clear about how they define internal fraud and
introduce extra management controls for areas such as expenses and other
expenditure.
Companies that cut jobs where staff can access valuable customer data should
also consider additional monitoring controls and ‘exit screening’, PwC added.
The numbers you crunch tell a story. Your expertis...
15yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleTop six UK accounting firms met virtually in a meeting organised by the ICAEW to discuss the potential hit their reputations would take if they utilis...
View articleOury Clark solicitors give an insight into the HP and Autonomy accounting fraud case, assessing the use of foreign evidence in proceedings. The trial ...
View articleKPMG loses 26-year audit of Rolls-Royce to PwC, as other listed businesses announced tender results Read More...
View articleKPMG set to take on the Legal & General audit from PwC, months after also nabbing Standard Life from its Big Four rival Read More...
View articleEY has been proposed as the auditors of Schroders after a “competitive” tender process Read More...
View articleTwo of the biggest energy companies have proposed Deloitte as their new auditor Read More...
View articleEY becomes the latest Big Four firm to sign HM Treasury’s Women in Finance Charter Read More...
View articleFormer PwC chairman Ian Powell is set to join outsourcing firm Capita Read More...
View article