Thursday October 06, 2005

Singapore firms prone to fraud

todayonline.com :

Despite the recent spate of business scandals, Singapore companies remain ill-prepared to detect and prevent fraud, even lagging neighbours with less pristine records of corporate governance. 60% of firms here do not have a fraud management system, according to a survey of 40 local CFO'S and senior finance executives.

Having overseen recent high-profile investigations into China Aviation Oil, Accord Customer Care Solutions and Informatics Holdings, Mr Subramaniam Iyer, PwC partner in charge of the crisis management team, told Today that it was "scary" how basic audit functions were not undertaken.

- And people ask me why I am not interested in the local stock market? Heh. Actually, I am primarily turned off mostly by the archaic 1000-share-per-lot trading system and the lack of companies in the sectors I am interested in (no prizes for guessing). And I don't like the attitude of the market participants either - they either seem to be speculators looking to make a quick buck, or traders trying to churn the market.

(2005-10-06 14:05:11 SGT) [Biz] Permalink

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