Vigilance is needed by financial managers and auditing professionals more than ever before after the publications of KPMG’s latest Fraud Barometer with record figures. According to an article on The Guardian website, “The firm's Fraud Barometer, which has been running for 25 years monitoring reported cams, recorded £2.5bn of fraud between July and December.”
The financial profession need to be aware of such details not only in their role of financial audit professionals but also in that financial institutions were the ‘largest victims of fraud’. Companies and pubic bodies have brought more fraud to light as they implement budget restrictions and austerity measures according to sources at KPMG. Yet these tough economic times have also given rise to more frauds being perpetrated. As Hitesh Patel, a forensic partner at KPMG, explains in the article: "2011 was an extraordinary year for fraudsters. The economic uncertainty has been the double-edged sword behind these numbers.” http://www.guardian.co.uk/business/2012/jan/30/fraud-managers-kpmg-barometer
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