Few Firms Have a Regulatory Response Team Despite Anti-fraud Programs
Other key results include:
- Almost 60 percent of respondents indicated that, over the next two years, they believe the number of internal and external investigations related to financial accounting issues will increase.
- 46 percent of participants note their companies had responded to an inquiry from the Securities and Exchange Commission (SEC) or the Department of Justice (DOJ).
- Almost 36 percent of respondents indicated that, to the extent their companies had conducted an internal investigation on financial statement issues, such investigation did not result in any findings of accounting irregularities.
“The responses to our polling questions were not surprising,” Howard Scheck, a partner in Deloitte FAS’ Forensic & Dispute Services practice, said in a prepared statement announcing the results of the poll. “Increasingly, companies are recognizing and beginning to tackle this very important issue. That’s the good news.”
“The challenge for most companies, however, becomes one of execution,” David Bloch, a principal in Deloitte FAS’ Forensic & Dispute Services practice, continued. “While positive steps are being taken within corporations, we believe it will be some time before formal response plans become universal.”
Deloitte FAS surveyed approximately 500 participants online, including senior-level financial executives such as chief financial officers and controllers. The executives primarily represented the energy and resources, financial services and manufacturing services.