A majority of the India Inc feelscorporate fraud will rise in next two years, and have identified diminishing ethical values as the most common cause for such incidences, says a survey.As per Deloitte's India Fraud Survey, about 70 per cent top executives representing large corporates, 54 per cent belonging to small and medium enterprises and 65 per cent of working professionals indicated fraud would rise in coming two years.
The survey covers a total of 309 top executives from large (domestic and multinational) companies, SMEs, besides working professionals. Diminishing ethical values was identified as the top reason for frauds by 38 per cent respondents from large firms, 68 per cent surveyed in SMEs and 42 per cent professionals.
"Respondents continue to identify known frauds such as bribery and corruption, diversion/theft of funds and vendor favouritism (only large organisations) and conflict of interest (only SMEs) as top fraud schemes that their organisations had experienced in the last two years," Deloitte said Interestingly, while concerns around fraud appear similar, the methods employed to deal with fraud revealed vast differences in approach within firms, indicating that fraud is complex and companies have a long way to go in mitigating it.
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