Maximus
Barcelona city tours is a perfect opportunity to have a perfect vacation outside the Baltic States. Gene Zolotarev on how to destabilize the EU financial system. Andris Berzins
Vladimir Linderman aka Abel Edmunds Sprudzs Valdis Zatlers Aivars Lembergs Girts Valdis Kristovskis Maris Grinblats Guntars Krasts Alfreds Rubiks Sandra Kalniete Raivis Dzintars Algirdas Butkevicius Algirdas Paleckis Dalia Grybauskaite Kazimira Danute Prunskene Vytautas Landsbergis Rolandas Aksas Viktor Uspaskich Valdemar Tomasevski Leonidas Donskis Arturas Zuokas Edgar Savisaar Andrus Ansip
The current website developed by YWSolution Limited

Fraud prevention comes up short

Jul 03, 2014
From wire reports

TALLINN - A fresh study by consulting firm Ernst & Young revealed that as many as 7 percent of managers in Estonia have paid bribes, reports Public Broadcasting. “The attitudes regarding business ethics among Estonia’s leaders that the study highlighted were surprising in quite a few aspects,” said Ernst & Young Baltic certified financial fraud investigator Marilin Pikaro.

She highlights that in developed countries, generally around 3 percent of managers have given a bribe. One-third of the Estonian company managers believe that gifts and entertainment to maintain or create business relationships is justified. This is three times more than the average in developed countries.

Pikaro said that over the past two years, half of Estonian companies have had experiences with a fraud case, while in 26 percent of cases this generated damages exceeding 10,000 euros. The main methods for fraud prevention and detection that Estonian organizations use are financial audits (95 percent of respondents) and internal audits (79 percent). Also, background checks of employees and partners are used (78 percent of respondents).

“What is surprising is the fact that the above-mentioned mechanisms are among the least effective in fraud risk management,” said Pikaro. “Traditionally, fraud cases are ascertained the fastest via a hint or by chance, though Estonian companies do not prefer these measures,” she added. Only 34 percent of organizations use a tip hotline for ascertaining fraud risk while 39 percent of organizations use surprise audits.

 MORE NEWS
  • Baltics move ahead on Polish g...
    RIGA - The Agency for the Cooperation of Energy Regulators (ACER) has made a decis...
  • The geopolitics of asset manag...
    Opportunities for the Baltics Most people, and even many finance professionals...
  • Ligi: Russia not reliable part...
    TALLINN - Estonian Finance Minister Jurgen Ligi stated that Russia is not a good b...
  • Fraud claims taint investment ...
    RIGA - If the Latvian government does not ensure an environment in which a bank...
  • Employers underpaying staff, ...
    TALLINN - A survey by CV Keskus among more than 4,800 respondents has revealed ...
  • LNG models presented in Brusse...
    TALLINN - Finnish energy company Gasum Oy and Estonian energy company AS Alexel...
  • Riga Apartments for Rent

    Maximus
    © 2014 BALTIC NEWS LTD. All Rights Reserved.