Fraud by employees far outstripped frauds committed by external parties such as computer hackers or organised crime, according to the Fraud Watch survey.
BDO said many companies mistakenly put the emphasis on external problems, rather than recognise the threat posed by insiders.
The firm called this ‘misguided’.
‘Our research shows that the majority of fraud is much more likely to be committed by employees and directors who know the systems and can override controls,’ BDO said.
Last month KPMG profiled the average fraudster and found him to be a long-serving male executive.
The BDO survey is due to be updated every six months.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation