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05/29/2012 - Innovation and Leadership Meet in Your New Market Space
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Fighting fraud during and after the financial crisis

Source KPMG Romania

• Detected fraud increased in many companies during 2009-2010 although underlying rates of fraud did not change;
• Increase in detection commonly attributed to increased focus on fraud risk management following the financial crisis;
• 67% of Romanian organizations were motivated by the crisis to invest in enhancing internal control mechanisms to improve fraud risk management;
• 43% of our CEE participants are expected to make further enhancements over the next two years

Many companies reported an increase in detected fraud during 2009-2010, according to a KPMG survey of managers in countries across Central and Eastern Europe. Most respondents indicated that the increase was due to a heightened focus on fraud risk management during the crisis and not due to an increase in underlying levels of fraud. KPMG’s Forensic practice surveyed managers in organizations across seven countries in Central and Eastern Europe (CEE): Estonia, Latvia, Lithuania, Poland, Czech Republic, Slovakia, and Romania.