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Fraud, Corruption In The Private Sector And Internal Control Quality

Author

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  • IONESCU, Luminiţa

    () (Faculty of Financial and Accounting Management)

Abstract

The global economic crunch had a big impact on the private sector all over the world. Media and controllers presented cases of corruption in business and identified special areas where companies, governments, investors, consumers and stakeholders can contribute to stop fraud and corruption. Controllers and auditors are rebuilding public trust in the accounting profession, in order to provide high-quality training, regulation, specialist knowledge and professional advice.Fraud and corruption are strongly connected in the private sector and the level of corruption in the last few years remains very high, despite the efforts of governments to reduce it. It is well known that local and multinational companies are paying bribes in order to win public contracts or benefits. The level of fraud became very high during the economic crunch, due to the globalization and expansion of computer systems. All the data is on-line on the computer systems and has became very vulnerable. Thus, the governments are becoming more interested in securing the computer information and financial data.

Suggested Citation

  • IONESCU, Luminiţa, 2011. "Fraud, Corruption In The Private Sector And Internal Control Quality," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 2(1), pages 55-61.
  • Handle: RePEc:ris:sphecs:0111
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    More about this item

    Keywords

    fraud; corruption; internal control; business risks; control framework;

    JEL classification:

    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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