More financial fraud feared in 2010, 2011

More financial fraud feared in 2010, 2011

New York: Consultancy firm Deloitte has said more than half of the business professionals covered in its new survey feel that more corporate financial statement frauds will be uncovered in 2010 and 2011 than the last three years.

According to the survey of around 2,100 business professionals, 56% of the respondents think more financial statement frauds will be unearthed this year and in 2011 than the last three years combined.

The survey also found that more than one-third (38%) of the respondents believe that in the current economic environment, revenue manipulation is the type of financial statement fraud which is of greatest concern.

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