Fri, Mar 24, 2017 | updated 09:31 PM IST

Rise in financial frauds sour point with foreign investors, says ASSOCHAM

Updated: Jul 22, 2016 12:46 IST

New Delhi, July 22 (ANI): A rise in financial frauds over the past few years has emerged as one of the sour points for foreign investors in India and if not checked by a global standard regulatory framework coupled with strong internal corporate prevention mechanism, the menace could take disastrous proportions in corporate India, an ASSOCHAM-Grant Thornton paper has cautioned.

"With the increased prevalence of fraud and the negative consequences associated with it, there is a strong argument that companies should invest resources and time to tackle it. ..cases of financial fraud have risen in India over the last few years and have become one of the main factors deterring foreign companies from investing in India. As the economy is growing, increasing corporate frauds will prove to be disastrous for India," the paper said.

It said while entering India would be a critical component of growth for many international organisations, understanding the risks in India is also critical for the survival of business operations. It is not to suggest as if there are no financial frauds taking place in rest of the world; in fact, the paper has enumerated several big time scandals which had hit the international headlines. These included Lehman Bros which triggered the 2008 global financial crisis and USD 74 billion Enron scam of 2001.

Listing several challenges on the issue, the joint ASSOCHAM-Grant Thornton paper expressed concern over the fact that "financial managers and accountants at organisations who understand the limitations of an audit and standard auditing procedures are deliberately trying to deceive external auditors and investors by cooking the books".

Noting inability to perform an effective fraud risk assessment, the paper said technology is a double-edged sword. "As technology is advancing, fraudsters are able to find ways to use it and perpetrate a fraud. Tech-savvy fraudsters are using technology in a variety of ways to commit frauds. Some include creation of false or misleading information accounting records...

"Putting restrictions on what your employees have access to will limit the potential of misappropriation of assets but if an employee has access to all aspects of an organisation, the potential for fraud is significantly increased".

ASSOCHAM President Sunil Kanoria said "Devious ingenuity of the human brain is now leveraging technology to indulge in more sophisticated methods of crimes which are very much capable of creating systemic instability".

Vidya Rajarao, Partner, Grant Thornton India said, the initiative to stop frauds must come from the top. "The responsibility of preventing, detecting and investigating corporate and financial frauds rests squarely on Board of Directors and this requires board members to adopt preventive steps. Also the BoD and the top management should jointly agree and define their anti-fraud strategy, establish appropriate fraud mitigation steps and train their employees to combat financial and corporate frauds". (ANI)

Kantar Millward Brown Media Conclave 2017

Updated: Mar 24, 2017 18:27 IST

New Delhi [India], Mar 24 (ANI-BusinessWireIndia): WPP -Kantar's brand, communications and media research unit Kantar Millward Brown conducted its annual Media Conclave 2017 in Mumbai. This year's Media Conclave focused on the impact of various media Ad Formats on campaign performances. The conclave played host to some of the country's top most Marketing, Media and Media Insights leads.

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New Delhi [India], Mar 24 (ANI): International Monetary Fund (IMF) which has 189 countries as member for Global Monetery co-operation in its conference called the Indian Government to share the success story of Demonetisation.

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New Delhi [India], Mar 24 (ANI-NewsVoir): It has been 24 hours since Layla last had cocaine. Now on a flight to New Delhi with her children, all she can focus on is how quickly she can hook up with her friend and drug baron Leonardo so he can provide her with her next fix unaware of the intergenerational damage her choices will cause.

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New Delhi [India], Mar 24 (ANI): With the immense success of the first edition of India Expo Shop Summit, The Indian Exhibitions, Conferences and Events Services Association (IESA), an apex organization working towards the development of the exhibitions, conferences and events services sector in India, in collaboration with key industry bodies, government organizations including Department of Commerce, Ministry of Commerce and Industry, Government of India, Confederation of Indian Industry (CII), and Services Export Promotion Council (SEPC), is organizing the second edition of the India Expo Summit 2017 (IES 2017) at India Expo Centre and Mart, in Greater Noida, Uttar Pradesh on 17th April 2017.

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New Delhi [India], Mar 24 (ANI): Online connecting portal for women looking to restart their careers JobsForHer marks the end of its successful two years and the beginning of its buoyant third year operations this month.

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New Delhi [India], Mar 24 (ANI): In ICRA's view, the demand for fertilizers in H1 FY2018 will witness moderate growth, given the lower base for H1 FY2017 and improved spending power of the farmer community with higher MSPs for rabi crops and strong sowing witnessed during the season.

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New Delhi [India], Mar 24 (ANI-NewsVoir): Marking its presence in Gujarat, All India Rubber Industries Association (AIRIA), the august body of Rs. 85,000 crore rubber industries in India has opened its Gujarat chapter in Ahmedabad. As representative body of over 5,000 rubber products manufacturers in the country (largely MSMEs), AIRIA already has offices in Mumbai, Delhi, Chennai and Kolkata with a chapter office in Pune.

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Will make Goa beggar-free state: Parrikar

Updated: Mar 24, 2017 15:23 IST

New Delhi [India], Mar 24 (ANI): Chief Minister Manohar Parrikar on Friday emphasized on making Goa the first ever beggar-free state.

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New Delhi [India], Mar 24 (ANI): With the announcement of Rs. 978.84 crore for the social sector, Chief Minister Manohar Parrikar on Friday said that Goa will be made a garbage free state by 2020.

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New Delhi [India], Mar 24 (ANI-BusinessWireIndia): Tata Capital, the financial services arm of the Tata Group, today, announced the launch of 'myLoan' - a first-of-its kind Mobile App by the company to extend its existing personal loan offering to the emerging younger and mobile savvy audience.

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New Delhi [India], Mar 24 (ANI-NewsVoir): Recent research by World Animal Protection across local dairies within the city limits of six major metropolitan areas in India, has exposed the in humane living conditions and shocking treatment of dairy cows and buffaloes.

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New Delhi [India], Mar 24 (ANI): FreeCharge on Friday announced that it will now enable e-wallet payments across leading outlets with Arvind Lifestyle Brands, one of India's largest and leading lifestyle brands.

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New Delhi [India], Mar 23 (ANI-BusinessWireIndia): Ashoka University, a Liberal Arts University in India, hosted its first International Educators Conference 2017 on March 17, 2017. In line with the University's vision to emerge as a global institution and put India on the world education map, the focus of the conference was on India as a global higher education destination.

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New Delhi [India], Mar 23 (ANI): Siemens on Thursday announced receiving of an order worth approximately Rs. 187.4 crore from Bangladesh Rural Electrification Board (BREB), Dhaka.

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New Delhi [India], Mar 23 (ANI): Paytm has partnered with Booking.com to facilitate accommodation bookings on its online travel marketplace. Under this partnership, all domestic and international accommodations available on Booking.com will now be available on Paytm with unique promotions and offers.

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New Delhi [India], Mar 23 (ANI): The Central Board of Direct taxation on Thursday notified that the Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) which was signed on 30th December, 2016 entered into force on February 27th, 2017 with notifications released to the Official Gazette here today.

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Curofy launches Curofy for web

Updated: Mar 23, 2017 15:21 IST

New Delhi [India], Mar 23 (ANI): Curofy, a networking platform that allows case discussions between doctors and provides them with latest medical news, with continuous feedback from the community and gauging the need for their audience, has launched it's web platform to give their users a complete and richer experience.

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Qbera launches operations in Bengaluru

Updated: Mar 23, 2017 15:21 IST

New Delhi [India], Mar 23 (ANI): Fintech start-up offering quick and hassle-free personal loans Qbera has launched its operations in Bengaluru.

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New Delhi [India], Mar 23 (ANI): Maneeza Ahuja has been appointed Branch Head for the Delhi branch of Percept/H with the additional responsibility of leading the North India portfolio of Percept One.

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New Delhi [India], Mar 23 (ANI): Keeping pace with the recent rise in crime rates inside Apartment Complexes, ADDA GateKeeper announces the launch of its "Panic Alert' feature. ADDA GateKeeper a security management software for Apartment Complexes.

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