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Title: Improving detection of corporate fraud in Singapore : insights from the press on the profile of fraud cases, fraudsters and whistleblowers.
Authors: Lee, Shan Shan.
Soh, Wan Yuan.
Tan, Si Hui.
Keywords: DRNTU::Business::Auditing::Reporting
Issue Date: 2012
Abstract: Through content analysis of press coverage of 39 high-profile Singapore corporate fraud cases which took place between 2000 and 2011, this study sought to improve fraud detection in three ways. The first way to improve fraud detection was to construct a typical profile of the company and fraudster involved. We found that most fraud cases involved the top management and that the most common type of fraud was misappropriation of assets. The perpetrators in our sample were concentrated at the younger end of the age spectrum, and majority was males. The second way to improve fraud detection was to evaluate the comprehensiveness of fraud risk factors listed in SSA 240, the local auditing standard on fraud. Supplementing the Fraud Triangle with the Theory of Planned Behaviour, we found that the fraud risk factors in SSA 240 under ‘incentives/pressures’ and ‘opportunities’ were sufficiently comprehensive, but we identified a significant number of fraud risk factors that were not present in the ‘attitudes/rationalizations’ component. As such, we recommended the addition of prominent fraud risk factors to the list in SSA 240 to improve the effectiveness of fraud detection by external auditors. The third way to improve fraud detection was to understand the makeup of local corporate whistleblowers. Contrary to expectation by the general public, we found that external auditors and government regulatory agency Commercial Affairs Department formed a mere 15% of the whistleblowers. Hence we suggested ‘adopting the U.S. qui tam statue to corporate frauds’ together with the introduction of policies and laws to protect the whistleblowers.
Rights: Nanyang Technological University
Fulltext Permission: restricted
Fulltext Availability: With Fulltext
Appears in Collections:NBS Student Reports (FYP/IA/PA/PI)

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