Overall incidence of fraud rising in India Inc

[ChromeFoundry]

Source: Economic Times of India

6 Apr 2010, 1614 hrs IST,PTI

MUMBAI: With the overall incidence of frauds rising in corporate India, there is a need for India Inc to deal with fraud risks firmly, a report released here today said.

"The overall incidence of fraud is rising in corporate India in the last two years," the KPMG Fraud Survey Report 2010 said.

Survey responses, specifically from the financial services and consumer markets industry segments, see a higher level of fraudulent activities within their industry.

The survey indicates 'procurement' and 'sales and distribution' as the most vulnerable areas across industries susceptible to fraud risk.

"The need of the hour is for organisations to realise the importance of putting effective internal control mechanisms in place, so as to manage risks," KPMG Forensic Head, Deepankar Sanwalka, said.

"Accountability is no longer restricted to a company as a whole but also streams down to each and every individual. It has become imperative for companies to be vigilant and aware and not just act when fraudulent situations arise," he said.


Read more: http://economictimes.indiatimes.com/news/news-by-company/corporate-trends/Overall-incidence-of-fraud-rising-in-India-Inc-KPMG/articleshow/5766958.cms

[Demeter]

1. NOW I know why Geithner's in India

He's the poster boy for Frauds R Us.

[avaistheone1]

2. The U.S.

is just spreading the love.

[Demeter]

3. Looking for More Sheep to Shear for Corporate Cronyism

[OhioChick]

4. Well, color me surprised. n/t