Fraud and corruption increasingly affect the results of the economic activity of both large and small companies. In addition to financial losses, fraudulent and corrupt schemes in business lead to loss of confidence and the emergence of reputational risks.
According to experts from the Association of International Certified Professional Accountants, each year, on average, companies lose 5% of their annual income due to the use of fraudulent transactions and corrupt relationship.
Each year the Association of International Certified Professional Accountants prepares a report, which describes the situation with fraud and corruption in the world, identifies the main trends in the development of these negative phenomena and advises professional accountants and auditors on how to detect and successfully prevent fraud and corruption. The current year was not the exception.
Experts from the Association of International Certified Professional Accountants emphasize that fraudulent and corrupt schemes are becoming more complex and well thought out every year, so it's not easy to identify them. Professional accountants and auditors are encouraged to participate directly in the anti-corruption and anti-corruption strategy of the company, carefully scrutinize the transaction, even those that at first glance seem totally clear and transparent, as well as pay maximum attention to cyber threats. Today, the greatest danger lies in them.