Identifying fraud is key to prevention

Fraud and how to spot it is the subject of a book published by accountancy firm KPMG.

'Fraud Watch: A guide for business' is filled with real-life examples. KPMG wrote it in response to a request from the Institute of Chartered Accountants in England and Wales, says institute president Roger Lawson.

Ian Huntington, co-author and KPMG's head of fraud investigation, describes fraud as "a hidden virus...threatening corporate life". Many frauds occur again and again and are best understood in the context of particular business cycles. "We have identified the points in these cycles at which fraud risk is at its highest," he says.

Commenting, SFO director George Staple says: "I welcome this initiative which offers detailed, practical and expert advice."