Corruption and fraud in private sector

Abstract

Analysis of numerous publications clearly indicates that the importance of corruption and fraud problems is becoming extremely important worldwide. The main objective of the research was to compare different approaches of professionals while dealing with corruption – external and internal auditors and certified fraud examiners. Detailed analysis of approaches and their further comparison indicated that the approach of certified fraud examiners is more flexible and promising. The main advantage is that certified fraud examiners clearly recognise corruption in the private sector as a separate type of fraud with its specific features and consequent practical implications. This analysis was supplemented by qualitative research done by interviewing top managers of Lithuanian companies. Results show that these problems in Lithuania are very similar to other countries. The main differences are extreme awareness of top managers, actuality of problems for smaller companies and a pragmatic view on possible solutions for them.