UK firms ignore fraud

Europe

Just 37.0% of private UK companies employ specialists to detect fraud, compared with a global average of 45.0% and 59.0% in the US, according to new research released by management accounting and consulting firm Grant Thornton. In addition, very few UK companies had an effective system of internal controls, widely deemed the most common fraud detection measure. Of the 600 businesses surveyed in the UK, just 7.0% said they had increased staff involvement in fraud prevention in the past 12 months. Phil Crooks, Head of Assurance Services at Grant Thornton, said the figures should be a wake-up call for both the accounting industry and business owners in the UK to make fraud prevention a greater priority.