Chinese firms step up fraud checks
By Zhang Fengming |
May 27, 2010, Thursday
|
Print Edition
Print Edition
CHINESE companies are stepping up fraud assessment even as they expand aggressively on a recovery in the economy, according to a survey by Ernst & Young yesterday.
As the economy rebounds Chinese companies are more focused on expanding rapidly than on controlling costs, Ernst & Young said in the survey yesterday.
"Having ridden out the global economic downturn, Chinese companies are increasingly looking for new growth opportunities, which may come via entering new markets or making acquisitions," the accounting firm said.
About 60 percent of Chinese respondents plan to implement a more aggressive strategy of expansion rather than focusing on cost control, the survey found out.
But the survey uncovered that in the last six months there was an increase of 24 percent in Chinese companies more willing to conduct fraud risk assessments as they embarked on their aggressive expansion path. The figure in the same period a year ago was 6 percent.
The survey also found that 12 percent of Chinese firms saw significant fraud in the past two years, but it was lower than 16 percent globally.
As the economy rebounds Chinese companies are more focused on expanding rapidly than on controlling costs, Ernst & Young said in the survey yesterday.
"Having ridden out the global economic downturn, Chinese companies are increasingly looking for new growth opportunities, which may come via entering new markets or making acquisitions," the accounting firm said.
About 60 percent of Chinese respondents plan to implement a more aggressive strategy of expansion rather than focusing on cost control, the survey found out.
But the survey uncovered that in the last six months there was an increase of 24 percent in Chinese companies more willing to conduct fraud risk assessments as they embarked on their aggressive expansion path. The figure in the same period a year ago was 6 percent.
The survey also found that 12 percent of Chinese firms saw significant fraud in the past two years, but it was lower than 16 percent globally.
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