Last week was a bad week for Tesco and its investors. After a whistleblower in the finance department came forward to alert senior executives as to a potential accounting black hole, chief executive Dave Lewis was forced to admit that Tesco had overstated their profits by a whopping £250m for the first half of 2014 […]

Financial statement fraud is one of the only types of occupational fraud that has risen in the two years since 2010. According to Association of Certified Fraud Examiners’ (ACFE) 2012 Global Fraud Report, it almost doubled in this period. Is Excel to blame for this rise? The ACFE study shows that in Europe the amount of […]

Your bank statement reconciliation sits on the front-line in the defence against fraud. If it is done right it will save you time, money and embarrassment. If done wrong, it could cost your business… First of all let’s understand what is meant by fraud…

The monthly close reconciliation process is a key check of the reported figures. If you can match off your transactions and reconcile the amounts then you can be more confident that your business is paying and receiving the right amount of money. However, since the reconciliation procedure is such an important financial check, it is […]

The UK auditing firm KPMG’s Audit Committee Institute recently found that the number of auditors with concerns about cyber security and cyber crime, had doubled in the last year. Despite these concerns, businesses have not made significant improvements to the quality of fraud and theft prevention processes. In order to combat the threat of cyber-crime, […]