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Forensic accounting must be more robust

As firms and industries become increasingly reliant on technology, the science of detecting wrongdoing has to be able to analyse large tranches of data more quickly.

Digitisation provides more data points and opportunities to detect fraud. However, only 3 per cent of fraud is detected using fraud-focused analytics, leaving plenty of scope for firms to leverage on technology to intensify fraud detection efforts.

IN JUNE 2009, Bernie Madoff, a former chairman of the NASDAQ stock exchange, was sentenced to 150 years in prison for operating the largest Ponzi scheme in US history. Over the course of several decades, he had systematically defrauded investors of up to US$65 billion, engaging in illegal...

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