sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« General »
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank
 When you may have to visit income tax department’s compliance portal
 India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea

KPMG: Frauds go undetected for longest period in Asia
June, 22nd 2011

Fraudsters go undetected for a longer duration in Asia, with a survey revealing that frauds in the region sometimes do not come into the light for ten years or more.

In Asia, it takes longer to detect frauds than any other region in the world, says a global consultancy KPMG report, released today.

"The duration of fraud prior to detection in Asia is an average of five years, with 16% of frauds going undetected for 10 years or more, compared to 4.2 years in North America and 3.7 years in Western Europe," it said.

In India, a whopping 88% of frauds are not communicated while enforcement action is initiated in one-quarter of cases and disciplinary action is taken in 25% of investigated cases, according to the KPMG report.

The findings are based on research of 348 actual fraud investigations carried out by KPMG in 69 countries and many of the cases have never been made public.

"The 2011 survey data reveals a slight decrease in the internal disclosure of fraud, down from half of all cases in 2007 to 46%.

"Full disclosure of details fell from 35% in 2007 to 13% in 2011. India [88% of frauds not communicated] and Eastern Europe [72%] have least propensity to reveal details of fraud, while the most transparent countries are South Africa, Australia and New Zealand," it noted.

Corporate fraudsters are typically male in the age group of 36-45 years and often commit fraud against their own employer.

"Additionally, the typical fraudster will work in the finance-function or a finance related-role [32%], often for more than 10 years [33%] and usually in a senior management role or board role [in aggregate 53%]," the report said.

Company board members and those working within the chief executive or managing directors offices are increasingly committing more fraud.

According to KPMG, company board members and those working within the chief executive or managing director's offices are increasingly committing more fraud.

KPMG's Executive Director (Forensic Services) Rohit Mahajan said that when frauds blow up, it is typically several years down the line, when the value of the deception has multiplied and all the warning signs have been missed.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions