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| News » Litigation and Dispute Resolution » FRC warns companies to be vigilant of fraudulent activity |
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15/09/2008
FRC warns companies to be vigilant of fraudulent activity |
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Businesses need to ensure that they have a plan for detecting fraudulent activity, the Financial Reporting Council (FRC) has said.
The FRC is the UK's independent regulator whose job it is to promote confidence in corporate reporting and governance.
Ian Wright, director of corporate reporting at the FRC and referring to the FRC's own model, said: "We think the model's there and we are intending to remind people of one or two aspects, particularly of fraud … and how important that is at this moment in time."
Mr Wright added that the FRC would be making sure companies paid particular attention to their "internal control environments" and should "make sure they don't have any risk of fraud".
BDO Stoy Hayward, advisers to accountants and businesses, released its latest analysis in June that looked at reported fraud in the UK.
It found that it was at records levels and the company recorded the biggest increase in fraud since it began recording the information in 2005. |
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