Corporate Fraud and Corruption: A Holistic Approach to by M. Krambia-Kapardis

By M. Krambia-Kapardis

Recent large-scale company collapses, reminiscent of Lehman Brothers, Enron, Worldcom, and Parmalat, spotlight the implosion of conventional types of fraud prevention. through concentrating on chance components on the micro point, they've got did not keep in mind the wider context within which exterior auditors function in addition to the the most important significance of such components as corruption, organizational tradition, company social accountability, moral values, governance, useless legislation, and a scarcity of transparency.

Corporate Fraud and Corruption engages readers through displaying how evidence-based, multi-level micro and macro research of fraud danger and protecting components tell potent fraud prevention, in flip minimizing monetary catastrophes. Krambia-Kapardis specializes in her personal empirical examine into the aetiology of fraud to show off a holistic method of fraud prevention. This publication additionally gains significant case stories from the U.S., the uk, and Australia.

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Additional resources for Corporate Fraud and Corruption: A Holistic Approach to Preventing Financial Crises

Example text

Overall, auditors need to shift their audit approach from being reactive to being proactive. However, McKenna (2013) found evidence that auditors appear to be insufficiently skeptical because an examination of SEC enforcement actions from 1987 to 1997 found that 60 percent of enforcement actions were related to a lack of professional skepticism. Fullerton and Durtschi (2013) reported that “if an auditor is more sceptical about the possibility of fraud existing, fraud detection will improve” (p. 2).

Interestingly enough, nearly half of the victim organizations did not recover any losses caused by the fraud (ACFE 2012, 4). 5 billion pounds. Fraud is probably the most costly crime for society, not only in financial terms (Smith et al. 2011, 7). In the words of Jia et al. ” Numerous estimates exist on the cost of fraud. 7 trillion” (p. 4). 20 In comparison, this estimate was only £11 billion for 1998 (Krambia-Kapardis 2002). Fraud “is almost certainly a growing problem” (Smith et al. 2011, 8).

34 Nevertheless, this point of view is overlooked by researchers on corruption. Strictly speaking, the available evidence allows us to speak of correlates rather than causes of corruption. The reader should note this caveat in considering etiological factors of corruption. The willingness to engage in corruption is influenced by the perceived activities of peers and other individuals; that is, corruption is contagious/conditional (Dong, Dulleck, and Torgler 2012). Thus, an individual’s willingness to be corrupt depends on his/her perception of how corrupt others are.

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