Fraud cases to rise in next two years; cybercrimes, financial statement scams to dominate: Deloitte
Around 63% independent directors (IDs) believe fraud cases, spurred by the Covid-19 pandemic-induced current business environment, will rise in the next two years, according to a survey released by Deloitte Touche Tohmatsu India LLP (DTTILLP), in association with the Institute of Directors (IOD).
The survey showed that cybercrimes (23.90%) and financial statement fraud (20.96%) are likely to be amongst the increasingly common frauds to be experienced in the near future.
The survey, titled Corporate fraud and misconduct: Role of Independent Directors, further revealed that large scale remote working as well as cash flow crunch were ascertained as the main factors for the expected rise in frauds.
“Although there are multiple priorities for those charged with corporate governance, given the current…