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Study shows worsening fraud at S'pore companies

58% of frauds committed by staff; according to KPMG-SMU survey

Published Wed, Jul 23, 2014 · 10:00 PM
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[SINGAPORE] The incidence of fraud has grown at Singapore companies in recent years, with internal fraud - often the result of inadequate internal controls - being the most prevalent type.

These were the key findings gleaned from a survey conducted jointly by KPMG and the Singapore Management University in the last quarter of 2013. They surveyed 103 Singapore-listed companies from a range of industries, with about 75 per cent having annual revenues exceeding S$50 million.

Almost a third (29 per cent) of respondents in the KPMG-SMU Singapore Fraud Survey 2014 report out yesterday said that at least one fraud incident had occurred in their company in the past two years, up from 22 per cent when the survey was last published in 2011.

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