Firms told to be ‘more proactive’ against risk of corporate fraud as the pandemic, inflation and the war in Ukraine has created temptation, motivation and opportunities for criminals to strike
collapsed in 2019 after potentially fraudulent accounting irregularities which overstated its financial health by £94m were uncovered. The failure sparked a string of legal and regulatory cases. Although some shops found buyers, most were closed and 900 jobs were cut.
Critics say the measures, which are unlikely to come into force until 2024 or later, are still not rigorous enough and will exempt too many smaller companies from stricter scrutiny. “As we’ve seen from a series of company failures linked to fraud in recent years, prevention is always better than cure,” said John Wood, the chief executive of the Chartered Institute of Internal Auditors.
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