New Delhi: Corporate demand to fight fraud is at an all-time high, that's what Ernst & Young believes.
CNBC-TV18 reports on how the organisation has been ramping up its fraud investigations operations to meet this growing demand.
Corporates all over the world are keen to stay clean. That's why Ernst and Young's global fraud investigation wing is re-aligning itself.
There's a growing demand for high quality audit processes, which is an effort to fight in house fraud.
Much of this has been triggered by the Enron scandal. The former Chief Executive and Founder of Enron were found guilty of charges of conspiracy and fraud in a scam that drove the global giant to bankruptcy.
David Stulb, now Ernst & Young's head of fraud investigations, was a key witness in the case as head of Anderson's fraud investigation wing. He says the incident has increased the demand to set up better systems.
"Enron was clearly a catalyst in the US and other markets relative to boards, management, the audit profession and others focusing on corporate governance, business ethics as well as how you prevent fraud from happening. So it was a major drive," Global Leader, Fraud Investigations Services, Ernst & Young David L Stulb said.
And corporate India is one of the biggest markets Ernst & Young is looking at. The organisation recently conducted a global fraud survey across 140 nations.
The report is due to be released next week. Sources at Ernst & Young say the findings are in line with the philosophy behind their re-alignment that fraud is on the rise and corporates are keen to stay clean.
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