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Criminal Fraud – Furniture and Housewares Retailer

Our firm was engaged by a global furniture and housewares retailer to investigate a £10 million procurement fraud in which it was alleged that a number of the client’s employees colluded with a supplier to authorize payments for inventory purchases that were never received or partly received in exchange for secret commissions.

The fraud was achieved by taking advantage of ineffective internal controls, including a basic reconciliation of goods received notes for stock received with invoices received.  The employees involved were therefore able to freely authorize payments for inventory that never existed.

We conducted an analysis of the potentially fraudulent purchase invoices and accounting records that evidenced the actual inventory received in order to quantify the loss sustained.   Our reports were used in the criminal and civil proceedings against the employees and suppliers.

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