Workplace fraud totalling millions of dollars is hitting firms at a time when they need every cent to climb out of the recession. According to a survey by accountancy firm KPMG, New Zealand’s top companies have been hit hard during the global financial crisis with the average reported fraud doubling in two years. Stephen Bell, KPMG’s national head of forensic practice, said the average cost of fraud at companies that took part in its survey grew from $1.9 million in 2008 to $3.8 million last year. He said the total level of fraud increased from $385 million (2008) to $441 million (2010)…
Grace Haden [who] is a director at Auckland private investigation firm Verisure Investigations says… “Companies must be being ripped off left, right and centre – but New Zealand is portrayed as being so corruption-free that people don’t believe it happens here.”
[Comment: The Society (SPCS) believes that the myth that the NZ business and work-place environment is corruption-free must be well and truly exposed as a complete falsehood. The injurious nature of white-collar crime such as fraud etc. to the “public good” must be regularly presented so that the rationale for promoting good community standards can be understood as of real benefit to the spiritual and material well-being of society in general].
Report by Steve Hart, a freelance journalist. Tuesday Mar 1, 2011
For full story see: http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10709506