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KPMG India launches first fraud diagnostic survey

NEW DELHI: KPMG released its first "Fraud and Misconduct Diagnostic Survey in India" today.

Releasing the report KPMG Forensic global managing partner Norman D. Inkster, who was on a visit to India from Canada, was quoted as saying in a press release:"The effect of world-wide corporate frauds and the alleged senior management involvement have eroded confidence amongst stakeholders globally. Declining investor confidence in companies around the world has had an adverse impact on the emerging global economic order."

Speaking on the relevance of the survey, Inkster said: "The survey taps the perceptions of corporates across industry sectors on how they currently manage fraud risk in their organisations."

KPMG India managing partner Ian Gomes said:"The survey is part of the global initiatives of KPMG's forensic practice to compile a fraud and misconduct diagnostic susceptibility profile. This report is a logical corollary to the firm's leadership in India in the area of "Fraud and Misconduct Diagnostic Review" services with a strong focus on fraud prevention."

"In India, KPMG has been undertaking the India fraud survey since 1995 to determine the overall level of awareness of fraud and related areas amongst senior management and its nature and extent in corporate India. The feedback received indicates that senior management is interested in fraud management preparedness and hence our interest in rolling out the diagnostic survey," Gomes explained.

KPMG executive director and head of the forensic practice in India Deepankar Sanwalka presented the key highlights of the report: "The diagnostic survey captures responses on key issues related to fraud risks faced by corporates. These include effectiveness of organisations in managing fraud risk; effect of business environment on fraud risk; perceived threat of corporate espionage and measures to counter the same; and business profile of respondents."

Sanwalka elaborated: "Eighty per cent of the respondents feel managing fraud risk is essential for good business practice. Nearly 79 per cent of the respondents said the person with the overall responsibility for fraud prevention and detection is either the chief executive officer or chief financial officer."

A release states that KPMG took the lead in setting up the forensic practice in India in 1995. The firm applies financial, investigative and business skills to alleged fraud investigations and resolution of commercial and legal disputes.

Internationally and in India, KPMG forensic comprises a team of experienced professionals with diverse backgrounds including information technology (IT) and those formerly with law enforcement and other government agencies.

A release states that KPMG is the global network of professional service firms whose aim is to turn knowledge into value. With more than 100,000 people worldwide, KPMG member firms provide assurance, tax and regulatory, financial advisory and business advisory services from more than 750 cities in 152 countries. The Indian practice of KPMG was established in 1993.

A copy of the report can be downloaded from the firm's website at http://www.in.kpmg.com.

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