Smaller finance teams, more stressed companies and complex reporting rules are leading to more mistakes in mid-size and small company financial records, raising the risk of fraud going undetected, says an auditor.
A bi-annual survey of fraud in Australia and NZ by KPMG, released on Thursday, shows the level of fraud by individuals of more than $1 million rose 82 per cent between 2010 and 2012, while fraud by internal staff rose to 75 per cent of the total from 65 per cent.
via Warning on accounting fraud as pressures rise.
Related articles
- Fraud in Britain reaches new high, says KPMG survey (theweek.co.uk)
- Mortgage fraud predicted to soar – Confused.com (confused.com)
- Opportunistic fraud ‘on the rise’ (bbc.co.uk)
- Credit Card Fraud Scheme: 7,000 Fake Identities, $200 Million Stolen, 18 Charged (news.softpedia.com)
- Lenders beefing up technology to cut fraud risk (lexingtonlaw.com)
- Police warn of credit card phone scam (confused.com)
- Fraud hitting the cost of insurance (confused.com)
- Old Fashioned Con Artistry Makes A Comeback (news.sky.com)
- Sentencing postponed for Fairview fraud convict (goerie.com)
- Big fall in value of fraud cases (bbc.co.uk)
Advertisements
