Majority of company managers found to be spearheading corporate fraud are those in service for less than one year and the amount involved in many cases is estimated at over one million dollars, says a survey.
Such frauds continued to occur despite attempts to improve corporate governance in the wake of recent financial scandals, a survey by global consulting firm Ernst&Young found.
The firm in its eighth biennial report on fraud says there has been no let up in the levels of fraud suffered by organisations around the world.
The survey report "Fraud: The Unmanaged Risk" reveals that more than half of the organisations interviewed had suffered a significant fraud in the last two years and it is the recently appointed management that poses the biggest threat.
The findings are based on a survey of nearly 400 CEOs in more than 30 countries from a variety of companies ranging from multinationals to small and medium enterprises.
It says 85 per cent of the managers committing the largest frauds have been in service for less than one year.
