Inadequate internal controls and insufficient prevention programs are the primary contributors to corporate fraud, according to a newly released survey.
Forty-two percent of the 138 senior executives polled by KPMG blamed inadequate internal controls as the main culprit behind fraud incidents against their companies.
Employee collusion with third parties was cited by 35 percent of the executives as the second biggest contributor to fraud, while management override of internal controls was cited by 25 percent of those surveyed.
Lax controls were blamed as the most significant reason for fraud in government, according to 75 percent of the public sector executives polled.
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