Investigating and Preventing Fraud Against Australian Businesses: Counting the Costs and Exploring The Strategies

Rick Sarre and Brenton Fiedler

Accounting Forum, 1999, vol. 23, issue 3, 275-292

Abstract: The current high levels and extent of fraud against businesses in Australia are having an enormous impact on productivity, profitability and competitive ability in the marketplace. It is simply impossible to calculate the impact accurately. Be that as it may, it is axiomatic that businesses, governments and organisations which are able to detect fraud, and decrease or eliminate it, will not only have an edge on their rivals, but also assist the Australian economy generally by reducing its reliance on costly law‐enforcement measures, protection services, security protocols, criminal prosecutions and criminal trials. Since there is ample evidence that fraud is endemic to most Western democratic societies, it is useful to consider Australia’s contribution toward its solution. Australia has been active in promoting the internationalisation of accounting and auditing standards where harmonised standards are designed to support the identification and management of the risk of fraud. Often companies operate in different geographic regions, and it must be recognised that different legal systems, ethical environments and attitudes may have different impacts on the interpretation of fraud and the action to be taken to observe and prevent fraudulent activities. To what extent can fraud be detected, costed and prevented in the 21st century? How can law enforcement policy‐makers, and business and corporate planners, take appropriate steps to prevent the commission of fraud or take ameliorative action once it is detected? This paper provides an overview of the current state of fraud against Australian business, reviews the inadequacies of the way in which it is currently prosecuted, and explores ideas for its prevention in commercial and legal practice.

Date: 1999
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DOI: 10.1111/1467-6303.00015

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