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Auditors can play a major role in fighting fraud, with the onset of sustainability reporting creating a new opportunity to sniff out swindles. Keith Nuthall reports.

While the initial goal of audits is not to detect fraud, rather to say whether financial statements (and latterly, sustainability reports) are accurate, these assessments do often uncover crime.…

The Ghanaian government has welcomed an “unprecedented increase” in cocoa prices in the 2023/24 season of 129.36% year-on-year as the market responded to production declines worldwide – costing chocolate manufacturers dear. Ghana’s food and agriculture minister Bryan Acheampong said Ghanaian cocoa prices had risen from Ghanaian Cedi GHS20,928/tonne (USD1,325) and GHS1,308 (USD82.80) per 64kg bag in September 2023 to GHS48,000/tonne (USD3,030) or GH3,000 (USD190) per 64kg bag as the season wrapped last month (September 2024).…

In a “scary” world that is moving faster, adhesive businesses should assess opportunities to innovate, focusing on their “your sense of timing”, innovation expert Peter Hinssen told participants in the FEICA 2024 European Adhesive & Sealant Conference. Speaking in Noordwijkerhout, the Netherlands, Hinssen, partner at consultancy nexxworks, told members of the Association of the European Adhesive and Sealant Industry (FEICA) companies should not wait until they are at their peak or past it, to reinvent themselves: “That doesn’t work anymore.…

Portuguese textile and garment industry executives have told Just Style how they can attract more international buyers and export sales at a tough time for the sector, through its sustainability, quality, innovations and proximity to main markets.
They were speaking at the 60+4 edition of Modtissimo, the oldest international textile fair in the Iberian Peninsula, in Matosinhos, northern Portugal, on September 12-13 (1).…

A Transparency International UK review of 5,000 British government contracts awarded during the Covid 19 pandemic, has found at least three red flags for corruption in 135 high-risk projects, together worth some GBP15.3 billion (USD20.2 billion), mainly for personal protective equipment (PPE) and other medical supplies.…

The shifts and volatility of the Malaysian Ringgit (MYR) against USD dollar has remained an important challenge for the Malaysian Textile Manufacturers Association and its clothing and textile manufacturing members.

Between July and September this year, the USD1/Ringgit fluctuated significantly, underpinned by both global and domestic factors, with the MYR/USD1 rate moving between July and early August between MYR4.55 and MYR4.69, making profit margin assessments a challenge for imported inputs and overseas sales.…

Romania uncovered EUR419 million’s worth of fraud associated with European Union (EU) spending programmes in 2023, detailed reports issued by the European Commission have revealed. The major spike in swindles, far above levels reported by other EU member states, were inflated especially by two sets of swindles associated with the EU Cohesion Fund, the bloc’s main regional development scheme, each accounting for around EUR168 million (2).…

The New York-based International Auditing and Assurance Standards Board (IAASB) is revising its International Standard on Auditing ISA 240 – ‘The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements’ to help auditors play a more direct role in detecting and investigating fraud (1).…

With the global commodities market valued at USD121.2 trillion in 2024 and expected to generate USD136.8 trillion in 2029 (1), the scope for fraudsters to make money from this sector is vast. German statistical service Statista notes that commodities sales have latent augmentation, given that it all includes emissions trading systems expanding worldwide, along with energy products, food and drink, precious and industrials metals and more.…

The advent of generative artificial intelligence (GenAI) digital tools that can create content including text, computer code, images, audio, sound, and video, in response to a user’s ‘prompt’ – usually a short written description of the desired output – has exposed new vulnerabilities for intellectual property (IP) protection.…