PracticeConsultingSmall businesses at risk of fraud

Small businesses at risk of fraud

CIMA warns be vigilant during recession

Small businesses that don’t have formal systems and procedures in place to
prevent and detect fraud may be more at risk than multi-nationals, CIMA says.

SMEs can be hit by proportionately higher losses from fraud, which can be
particularly hard to cope with in the current economic climate.

In a recent CIMA survey of 200 of its finance directors in the UK earlier
this year, 55 per cent felt that their organisation was at risk of employee
fraud.

CIMA has put out a fraud risk management guide, available at
www.cimaglobal.com/fraud . It is
designed to help management accountants prevent, detect and combat internal
fraud.

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