A little more than half of internal auditors say they have too few staff to deal with fraud.
The research in Deloitte’s first Fraud Survey also concludes that a fifth of those polled said their companies had no formal fraud policy. More than 60% said their vulnerability to fraud had increased in the past 18 months.
Nic Carrington, a partner at Deloitte, said: “In spite of the high profile cases of fraud that have come to light during the economic downturn there is a worrying gap between talk and action.
“77% of respondents stated that the economic environment has generated board level discussion on either introducing and/or enhancing fraud risk monitoring, but the day to day practicalities of delivering these monitoring procedures are proving challenging.”
MHA MacIntyre Hudson has partnered with cloud accounting software provider Xero ahead of the government’s requirement for digital records
Smaller businesses could be excluded from government plans for making business transactions digital, found new research from ICAEW
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live