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TMCNet:  Owner-managed firms see 'dramatic increase'in fraud [Liverpool Echo (England)]

[July 03, 2014]

Owner-managed firms see 'dramatic increase'in fraud [Liverpool Echo (England)]

(Liverpool Echo (England) Via Acquire Media NewsEdge) A LIVERPOOL accountancy firm is reporting a dramatic rise in fraud w among small ownermanaged businesses. Forensic experts at Wilson Henry, on Edge Lane, said frauds in individual cases are exceeding six figure sums.


Statistics from Action-Fraud, a nationwide agency set up to help victims of business fraud, suggests fraud affects one-in-four small firms and last year cost ownermanaged businesses an estimated Pounds 18.9bn.

Wilson Henry findings show that these frauds are often perpetrated by senior individuals within the organisation where, typically, they are afforded undue levels of trust, accompanied by weak or non-existent controls.

Wilson Henry partner Peter Alcock, said: "Every minute of every day fraud of some scale is being committed on the inside within North West small businesses.

"Just because someone has been employed for a long time does not make them necessarily loyal and trusted.

"Many frauds are not particularly well disguised but business owners need to question the authority levels set; the robustness of their prevention and detection controls and whether they are designed to uncover fraud at the earliest stage." A Wilson Henry Fraud White Paper for Small Business is free at: www.wilsonhenry.co.uk/ourservices/audit-accounts (c) 2014 ProQuest Information and Learning Company; All Rights Reserved.

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