New York — A majority of companies have instituted formal anti-fraud programs and controls as a response to the heightened regulatory environment, according to an online poll recently released by Deloitte Financial Advisory Services.
According to the poll, about 75 percent of the respondents stated that their companies have anti-fraud programs and controls designed to deter, detect and prevent fraud. But only 13 percent indicated that their companies have a regulatory response team in place.
"The challenge for most companies becomes one of execution," said David Bloch, a principal in Deloitte FAS' forensic and dispute services practice, in a statement. "While positive steps are being taken within corporations, we believe it will be some time before formal response plans become universal."
Deloitte FAS surveyed approximately 500 participants online, including senior-level financial executives such as chief financial officers and controllers, during a recent "What to Do When the Regulators Come Knocking at Your Door" Webcast. The executives primarily represented the energy and resources, financial services, and manufacturing industries.
Nearly 60 percent of the poll’s respondents indicated that over the next two years they believe the number of internal and external investigations related to financial accounting issues will increase; nearly half of the respondents said that their companies had responded to an inquiry from the Securities and Exchange Commission or Department of Justice; and more than one-third of the respondents who indicated that their companies had conducted internal investigations said that such actions did not result in any findings of accounting irregularities.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access