Corporate frauds to rise in next 2 years: Deloitte-IOD
The Hindu
Study cites pandemic induced pressure
Corporate fraud cases will rise in the next two years because of COVID-19 related pressures, 63% of independent directors (IDs) said in a survey.
This is because COVID-19 has significantly disrupted business environments, leading to change in business models, cash flow crunch, and remote working environment, which have exposed organisation and individuals to increased fraud-related vulnerabilities, the survey by Deloitte Touche Tohmatsu India LLP (DTTILLP), in association with the Institute of Directors (IOD), revealed.
Cybercrimes (23. 90%), financial statement fraud including incorrect business valuations (20.96%) and leak of sensitive information (12.87%) are the most likely fraud schemes to be experienced in the near future, according to the findings.
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The U.S. President’s economic and tariff policies and measures to secure his country’s borders may seem justified in terms of promoting his nation’s interests but have wider ramifications not only for Americans themselves, but also for the rest of the world. His tariff proposals will result in supply chain disruptions, lead to market and currency volatility, disrupt capital and trade flows, contribute to inflation and cause a decline in world trade and economic growth, worsening the plight of the poor, especially in developing economies.