PracticeAccounting FirmsUK fraud hits record levels

UK fraud hits record levels

KPMG's fraud barometer shows highest levels in its 23 year history, with the taxman as the main target

THE UK HAS recorded the highest number of fraud cases since records began, according to the KPMG fraud barometer.

The government was the main target in the last year with 42.5% of all fraud aimed at the public purse, totaling £593m. Fraud in this sector increased 20% in 2010 with 70 cases, compared to 59 in 2009.

Hitesh Patel, KPMG forensic partner, said: “Fraud is not a victimless crime, particularly at a time when the country deficit is so high. Anti-fraud measures need to be reviewed and amplified by the public sector to combat this assault.”

KPMG’s fraud barometer revealed there were 314 major cases heard in the UK’s crown courts in 2010, where each case was worth more than £100,000.

Overall, the the 314 cases amounted to fraud involving £4bn.

 

Related Articles

KPMG replaces PwC as Croda auditor

Accounting Firms KPMG replaces PwC as Croda auditor

2m Emma Smith, Managing Editor
FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

Accounting Firms FRC closes KPMG HBOS audit investigation, Treasury Committee expects ‘full explanation’

3m Emma Smith, Managing Editor
Deloitte rises in auditor rankings with most FTSE 250 clients

Accounting Firms Deloitte rises in auditor rankings with most FTSE 250 clients

3m Alia Shoaib, Reporter
Partner joins BDO from KPMG

Accounting Firms Partner joins BDO from KPMG

3m Alia Shoaib, Reporter
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
FRC closes investigation into PwC over Tesco accounts

Accounting Firms FRC closes investigation into PwC over Tesco accounts

6m Alia Shoaib, Reporter
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
FRC launches investigation into KPMG’s Rolls-Royce audit

Accounting Firms FRC launches investigation into KPMG’s Rolls-Royce audit

7m Emma Smith, Managing Editor