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PwC study shows economic crime risk

Published on 20 Nov 2009 under category: legal

UK companies are facing a battle against economic fraud crimes.

This has been revealed in new research by PricewaterhouseCoopers (PwC).

The company's latest survey showed that businesses are being hit by economic crimes, with asset misappropriation being the most common, as this has affected 77 per cent of organisations asked.

Meanwhile, financial statement fraud crimes had been an issue for 40 per cent of the 3,000 senior representatives questioned.

Tony Parton, a partner at PwC, said: "We are in a perfect storm of economic crime right now with increased pressures and opportunities to commit fraud accompanied by fraudsters’ growing ability to convince themselves their actions are defensible."

The study also showed that middle managers are the most common cause of these crimes, with such individuals accounting for 47 per cent of economic crime, up from 32 per cent in 2007.

PwC was founded in 1998 is one of the world's largest professional services firms.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.