• Register
Return to: Home > News > Public sector fraud risk monitoring tool launched

Public sector fraud risk monitoring tool launched

Rome, Italy (WCOA 2014). The Chartered Institute of Public Finance and Accountancy (CIPFA) has launched a register specifically designed to tackle global fraud risk in the public sector.

The register, a research initiative, is aim at collating the most common fraud risks that government and public sector organisations face country-by-country, according to CIPFA.

After that first step, CIPFA will merge those registers at country level into a global one next year.

CIPFA hoped this tool will give organisations a better understanding of the sources of fraud, so that they can efficiently and timely react and tackle corruption.

"When fighting fraud, knowledge and understanding of the risks you face give you the power to act to prevent criminal activity and protect your organisation," CIPFA chief executive Rob Whiteman said.

CIPFA chairman Ian Ball, who received yesterday IFAC's gold service award, said it's not a coincidence that the lack of accountability and poor accounting lead to the fall of nations.

Ball was quoting the book entitled The Reckoning: Financial Accountability and the Rise and Fall of Nations by Jacob Soll.

Ball continued citing Soll: "Over and over again good accounting practices have produced the level of trust necessary to found stable governments and vital capitalist societies, and poor accounting and its attendant lack of accountability have led to financial chaos, economic crimes, civil unrest, and worse."

IFAC outgoing president Warren Allen, who presented the award to Ball, delved into history and made a reference to the causes behind the decline of the ancient Roman Empire.

Among those were economic troubles, public sector overspending and government corruption, Allen noted.

"More than 500 years on, those issues seem to be present nowadays," he said.

Nations are still in recession after the debt crisis, he said, and the threat of corruption stemming from "shadowy and secret dealings" remains in place.

Allen called for greater transparency in the public sector to fight government's corruption, which is a task not only for accountants but the global business community.

Top Content

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.