Fraud Epidemic: Revealing the Corporate Underbelly

Several reports have analysed the “epidemic of fraud” spreading through Australian companies. It’s been driven in part by performance-based remuneration and by cost-cutting that has weakened controls in the downturn. More often middle managers with the rights to authorise transactions have been the perpetrators, creating a boom time for forensic specialists. But the cheapest way to counteract fraud is to prevent it, says Peter Roebuck, an accounting professor at the Australian School of Business. In addition, organisations are wising up to managing the risks