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Wednesday
May082013

EY survey finds CFO insanity everywhere

Ernst & Young's 12th Global Fraud Survey has just been released, and the responses of 400 CFOs are spooky.

Before laying out some very bad facts, EY felt compelled to disclaim its own results. 'These findings,' it said, 'are not consistent with our own experience of CFOs.'

Why the hand wringing?

Because nearly half the CFOs said they'd cheat to survive a business downturn.

'When presented with a list of possibly questionable actions that may help the business survive, 47% of CFOs felt one or more could be justified in an economic downturn,' EY said.

'Worryingly,' EY said, '15% of CFOs surveyed would be willing to make cash payments to win or retain business and 4% view misstating a company's financial performance as justifiable to help a business survive.'

52% of the CFOs surveyed think company management is likely to cut corners to meet targets.

Nearly half of the CFO respondents (46%) had never attended anti-bribery training.

What's worse, 16% of the CFOs 'do not know that their company can be held liable for the actions of third-party agents,' EY said.

Holy Cow!

Thanks to EY's global fraud survey, we can say with 100% certainty that there's lots of work ahead.

Compliance professionals and conscientious stakeholders from almost half the companies out there can start today . . . with their CFOs.