SFIO to come up with early warning system to detect frauds

Serious Frauds Investigation Office (SFIO), the corporate frauds investigation body under the ministry of corporate affairs is working on an Early Warning System (EWS) to generate alerts on corporate frauds. Having an EWS will also help strengthen SFIO's capability in taking stringent action against corporate misconduct. SFIO is working with a third party consultant to develop the conceptual framework.
Last year, a parliamentary panel headed by Veerappa Moily had asked the ministry to put a coherent and efficacious fraud prediction framework in place. An EWS has been in works for at least eight years but has been shelved several times. Talks about it first surfaced after the Satyam scam.
With the EWS, the government would look for unusual developments by scrutinising quarterly results of companies, their public announcements, filings with exchanges, tax returns, media reports etc.
The ministry of corporate affairs has ordered investigation into 432 companies through Serious Fraud Investigation Office (SFIO) during last three years and the current year (up to 31-01-2017) on allegations of fraud.
Source: http://www.theweek.in/news/biz-tech/sfio-to-come-up-with-early-warning-system-detect-frauds.html


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