Member Article

Local accountants tackle unethical pressure of fraud

Local management accountants met at the Arden Hotel in Bickenhill in the last week looking to secure themselves against fraud and ensure ethical business practice as it is revealed that although four out of five businesses worldwide have committed to ethical performance, the pressure to act unethically has increased, according to a new report launched from the Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA).

Managing Responsible Business, a global survey of almost 2,000 Chartered Global Management Accountants (CGMA) in nearly 80 countries found that 35 percent said they sometimes or always feel pressured to compromise their organisation’s standards of ethical conduct and 91% of respondents identified the top ethical issue as security of information. According to David Blackmore of DB Risk & Compliance Services, speaker at the CIMA Financial Crime in an Age of Austerity event held at the Arden Hotel in Bickenhill on 27th June, information security along with ‘insider dealings’ and Bribery Act offences are the current hot-spots in financial crime that cost the UK £73bn in 2011 alone.

The speaker revealed key financial crime identifiers for when doing business: - A look for Fraud attitude and system - Focus on area with payments or valuable resources - A whistle-blowing policy that works - Evaluating the culture, morals and values of the companies you do business with

David Blackmore, speaker at the CIMA event, says, “There is a huge range of potential financial crimes that local businesses need to protect themselves against. Simple things like data or information can be very valuable to the wrong people. Particularly when times are tough and staff feel extra pressure, a ‘look for fraud attitude’ will help you stay safe.”

Sharan Kandola, local CIMA Committee member and chair at the event, says, “Management accountants across the area are “in the know” about so much of their organisation’s activities, and can be the ethical conscience needed to bring long-term business success even in times like these.”

This was posted in Bdaily's Members' News section by CIMA UK Regional News .