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Counter-Fraud Time to talk with KPMG - ISA 240 plus recent government announcements

17th August 2023
Teams

Fraud is a significant concern for both the private and public sector. Figures on the scale of the challenge vary – according to Action Fraud, the value of reported fraud in the UK in 2022 was £2.35bn but figures from the Public Sector indicate that fraud costs the UK tens of billions per annum.  In addition, widely reported accounting scandals have accelerated the UK’s regulatory response to fraud including:

  • ISA 240 – the revised auditing standard, which has enhanced Auditor’s responsibilities in relation to fraud and means audit teams will be undertaking additional work to meet those requirements.
  • The Government’s recent announcement that it intends to create the corporate offence of failing to prevent fraud (similar to the failing to prevent bribery provision in the Bribery Act 2010)
  • The Department of Business and Trade’s recently published Corporate Governance Reform where impacted entities will have to produce an annual Fraud Statement setting out the steps they have taken to prevent and detect material fraud.

The direction of travel is therefore all towards making companies more resilient to fraud and organisations need to spend time understanding what they have in place and whether it is fit for purpose. 

In this session KPMG Forensic specialists will talk us through the recent changes to the fraud regulatory environment and provide some thoughts on what companies need to do differently to demonstrate they have adequate procedures in place to prevent and respond to fraud.

The session will take place on 17 August at 10AM via Teams.

Tagged : Fraud, Procurement, Events
Type : Training

Bookings have now closed

Please contact info@bufdg.ac.uk for more information

Date: 
17th August 2023

Location: 
Teams

Price: 
Free


 

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