Strong accounting skills in demand

Reported fraud could treble during the recession, according to recent research by BDO Stoy Hayward, and companies need to have strong accounting skills to protect themselves. 

The level of reported fraud for the first six months of 2009 already matches the amount reported for the entire period of 2008.  And this figure is expected to rise dramatically as companies and individuals struggle to survive. 

It will be some time before the situation improves, according to the head of fraud services for BDO, Simon Bevan.

He said: "From a fraud point of view we are a long way from bottom. It is extremely likely that the total fraud figures will treble during the course of the recession."

Mr Bevan warned that all companies are at risk from fraud, and businesses need to treat fraudulent behaviour as the norm, rather than the exception.  The issue is creating a strong need for experienced accountants and bookkeepers, and creating more jobs in accounting. 

According to Malcolm Trotter, chief executive of the International Association of Bookkeepers, companies are increasingly looking for people who can help them maintain up-to-date records. 

Because of a skills shortage in this sector, there are many opportunities for people with the necessary qualifications.

"For people who are looking to give themselves more opportunity for the future, now is the time to go out there and do a bookkeeping course or to improve their skills in bookkeeping and accounting," Mr Trotter advised.

"[That's] because those jobs will come through again if they're not already there as we come out of the recession, hopefully later this year or early next year."

Last week, Bernard Madoff received a 150-year jail sentence for carrying out what is thought to be the largest fraud in history.