Accountants Help Required To Identify Business Fraud

Thu, 18 Dec 2008

Some of the world’s largest accountancy and legal firms have been asked to help identify cases of fraud in the aftermath of the credit crunch.

The Serious Fraud Office (SFO) has sent letters to senior and managing partners at leading London accountancy firms appealing for help.

A special form has also been posted on the SFO’s website asking employees in the sector to report any cases of dodgy business they are aware of, while city workers will also be contacted to see if they can help with early fraud detection.

The SFO has confirmed it will be working closely with law enforcement agencies both in UK and abroad, along with governments and regulators.

Forensic services specialists at PricewaterhouseCoopers recently warned that rates of internal fraud and theft are set to rise as the economic climate worsens.

The Big 4 firm said that previous recessions had shown that many businesses tend to miss internal fraudulent activity as they struggle to cope with the economic downturn.

PwC said activities classed as internal fraud include fiddling expenses, stealing customer data or misrepresenting performance figures and embellishing CVs.
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