Fraud big concern for India Inc: KPMG |
BS Reporter / Mumbai March 18, 2008 |
Undetected fraud within companies is the highest concern of corporate India. India is perceived as a fraud haven with over 75% respondents to a KPMG survey considering fraud remaining undetected as their highest concern followed by inadequacy of anti-fraud measures and unethical behaviour of employees. The dual impact of the two concerns leads to an environment where both inclination and opportunity co-exist. This could mean that organisations in India that remain passive in their approach to deal with fraud may be a perfect breeding ground for fraud, suggests the findings of the latest KPMG report on fraud. Over 80% of the respondents accept that fraud is a problem in the corporate environment in India, and another 70% believe that fraud will increase over the next two years. There has been a rise of approximately 54% in the number of fraud victims from KPMG |