EY has announced the creation of a new team of forensic accountants who will focus on aiding City firms to pursue private prosecutions for fraud and economic crime.
The new 20-strong team is to work alongside top law firms, providing forensic accountancy and investigation services to help individuals and companies to pursue private fraud cases that are not being covered by the Serious Fraud Office or the City of London Police.
According to statistics, the number of fraud cases in the UK is rising, with 211,000 frauds reported to police between March 2013 and 2014 (a 17 % rise from the same the same period the previous year).
The creation of the new team at EY is intended to give an alternative form of support to those experiencing issues with fraud cases.
John Smart, Head of Fraud Investigations and Disputes at EY, comments: “Despite the increase in fraud cases, resources available within the public sector to tackle this growing problem are limited.
“With the forecast of further increases in economic crime, public bodies and law enforcement agencies are going to struggle to fulfil demands on already overstretched resources in the coming years. Any individual or organisation that has been a victim of fraud has the right to pursue a private prosecution, and this is an important tool in the fight against fraud. “