Contrary to some reports released in the last couple of years, not to mention major cases of large-scale corporate fraud, India remains a great place for Western and Asian companies to do business, says a key player in the business investigations world …
Paying attention to recent goings on, it seems you would need to tread carefully if you are going to do business in India; with a requirement to check everything thoroughly to eliminate the risk of later discovering fraud or other illegal activity in an Indian company’s financial records.
KPMG India’s latest bi-annual fraud survey indicated that almost half of respondents, including Chairmen and MDs, CFOs and other senior management personnel across various industry segments had experienced fraud in the last two years.
Their report stated that ‘India has had its share of frauds and their incidence has often significantly impacted investor confidence… In an atmosphere of doubt and disbelief financial statements are often viewed with skepticism. This has also led to erosion of confidence and reduced trust among participants in the financial system.’
Source: Worldbox – a member of BIIA