New York (March 9, 2004) -- Companies with third-party suppliers, business partners or vendor relationships that are based on the concept of “self-reporting” lose millions of dollars every year because of insufficient controls over such business models, according to a report by KPMG.
KPMG said that corporate risk has grown unnecessarily in a burgeoning $300 billion “self-reporting” economy in which each business partner provides the other with pertinent financial and other information used to measure activity, such as sales-volume figures. Poor internal controls and oversight cause the majority of self-reporting information to be wrong, thereby propelling companies to lose millions in potential revenue, according to the report, The Self-Reporting Economy: A Matter of Transparency and Trust.
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