The Office of Fair Trading (OFT), the government body set up to warn
consumers against unfair trading practices and fraud, has been forced to admit
that it lost £250,000 in a suspected internal accounting fraud.
The embarrassing details were revealed in the supplementary notes to the
annual report for the year ended 31 March 2009.
Under the heading ‘Losses and Special Payments’ at the end of the document,
it was revealed that £97,000 of the loss occurred in the 2007/08 year, with the
remaining £153,000 coming in the 2008/09 year ‘due to an alleged fraud made
possible by a control weakness in the Accounts Payable process.’
The OFT has refused to comment as ‘the case is now subject to legal
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned