Fraud and financial manipulation pose great risk for companies in EMEIA

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Accounting and Financial Management need to sharpen skills to help avoid financial risks.

Firms operating in Europe, Middle East, India and Africa (EMEIA), say ‘fraud has likely attacked their company’ in the last 12 months.

Fraud and financial manipulation pose great risk for companies in EMEIA
Fraud and financial manipulation pose great risk for companies in EMEIA

One-in-five employees of American firms operating in Europe, Middle East, India and Africa are aware of financial manipulations in their company in the last 12 months, this according to Ernst & Young’s Fraud Survey for 2013.

Alarmingly, at board and senior manager levels the proportion is higher still – the same survey reported more than 40 percent of respondents said that sales or costs had been manipulated at their company.

“Although the survey covered American companies operating in the region, this should be a concern for the business community in this part of the world,” said Jim Gurowka, vice president of international development at IMA (Institute of Management Accountants), one of the largest and most respected global associations focused exclusively on advancing the management accounting profession.

“The possibility of inaccurate financial reporting and sales manipulation could have far-reaching impacts on the business community at large, which is why we cannot overemphasize enough the importance of having trained and certified accounting and financial management professionals who can help spot and safeguard businesses from these fraudulent activities,” Gurowka added.

According to Gurowka, certification is not just a means to enhance a professional accountant’s skills and credentials. It helps instill a commitment to an ethical practice of the profession; as well as serving as an instrument to further push compliance to strict financial reporting protocols in their respective organisations.

IMA has been providing training and certification programmes for accounting and finance professionals in the region. This June, they are making their membership and certification programmes more accessible, by offering the services at a discounted rate until June 16, 2013.

“CMA certification demonstrates a professional’s mastery of accounting and financial management, and connects them to a global network of members, as well as access to thought leadership and research through which they can further enhance their skills and credentials,” Gurowka added.

More information is available on the IMA Middle East website.

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