The KPMG Report points out that just four per cent of all frauds have been detected by external auditors the largest proportion, 36 per cent, have been detected by internal auditors, says Sunil Jain.
A year ago, Sanwalka had on his plate not more than six such cases. Referrals have been rapid in the last few months. Looking ahead, he expects his services to be in great demand. As the economic slowdown worsens and the strain rises on profits of firms, businessmen, investors and auditors have started grappling with a new headache -- attempts by chief executives and other vertical heads to dress up the profit & loss statement.
According to estimates of KPMG Advisory Services, around $1 trillion is laundered globally, of which $23 billion is remitted to India. The firm's Executive Director Arpinder Singh said that 40 per cent of this amount is routed through the parallel banking system.
Federation of Indian Airlines has appealed to DGCA to extend notice period of flyers from 6 months to a year
M&M for sell-off of PSIDC stake in Punjab Tractor
While consulting firms and investment bankers preferred not to participate in the lateral placements as usual, sources say that companies such as KPMG, Aditya Birla Group, Barclays Bank, Microsoft, Infosys and Capgemini have issued the maximum number of offers.
The study revealed that 83 per cent of Indian business leaders believe to have fair to good understanding on the issue of climate change. However, just under half of these respondents stated they have a clear strategy in place to respond to these issues. There is a significant gap between good intentions and action as only 21 per cent have measured their current carbon footprint, which is one of the first steps in defining a strategy to deal with the issue, the study noted.
The size of the industry, with over 1,500 property and casualty insurance companies and 1,300 health insurance firms in the US alone, makes insurance outsourcing an attractive market, KPMG said.
With the wine market in India poised for heady growth, liquor companies are ready to uncork their best wines. Currently, the Indian wine market is estimated at 1.2 million cases (one case has 12 bottles of 750 ml each), with imported wines accounting for a mere 200,000 cases.
The BCCI may host next season's IPL outside India.
With Indian banks going global they are increasingly getting conscious of implementing anti-money laundering techniques.
Aditi Ashok is in a great position to launch her challenge over the weekend at the KPMG Women's PGA Championships.
In the era of technology-driven crime, when stolen money and intellectual property can be digitally transmitted in seconds, corporates are often handicapped while investigating frauds that occur in other countries, says a survey.
The European Union's push to introduce new capital requirements for banks through the Basel-II (Revised international capital framework) pact may hit specialist commodity traders, such as large oil companies.
Reskilling and online certification are the biggest earners in the Indian online education market
.jpg)
The Companies Bill asked for promoting gender diversity by specifying induction of a minimum number of women directors
India and China are together expected to equal world's largest jewellery market, the United States, by 2015 when the global gems and jewellery trade is expected to touch $230 billion, states a new industry report.
It will bring in more transparency and reduce mis-selling
From a commercial standpoint, reducing the price of each SKU, particularly with a small MRP (Rs 5 or below) is often a challenge, including availability of legal tender below Re 1
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
The print media's declining share of the media industry is not as worrying as its attitude to the factors critical to growth.
However, a large number of businesses around the world are unable to quantify accurately the benefits their outsourcing arrangements would bring in for them.
Large companies are targeting niche players in the market to add to their portfolio.
While the impact on consumer sentiments is obviously positive, the issue is of what this does to under-recoveries of oil companies and competition.
Kirloskar Oil Engines files EoI for PSIDC stake in Punjab Tractors
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
DDT is levied at the rate of 20% on dividend paid by cos to shareholders.
Only a lack of long-term vision is the biggest roadblock to India's progress.
Sebi's surveillance department has red-flagged unusual trading patterns in some stocks. Shares of some companies were seen going up ahead of a sharp sell-off.
According to the decision, such entities can now first operate through e-commerce and then open brick-and-mortar stores.
Asian vehicle brands, including Indian, will increase their global market share significantly in the next five years as customers shift their preferences from North American and European manufacturers, according to a new survey.
Valued at $5 billion, Byju's has seen growth sky rocket in the last two years on the back of mega VC top-ups.
India is a land of opportunities for business and investment despite the presence of red tape and complex tax laws and poor infrastructure, Canadian companies say.
Indian Banks' Association Chairman H N Sinor said AML regime was in the first stage of implementation in India and it would take time for processes to settle down.
Companies that have a net worth of at least Rs 500 crore, a turnover of Rs 1,000 crore or a net profit of Rs 5 crore are required to spend 2 per cent of their net profits on corporate social responsibility programmes.
