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The KPMG 2011: Bribery and Corruption survey, documenting inputs from leading corporates on the subject is out. The survey reveals how corporates feel that corruption is impacting the economy and the business environment in India. NAIROBI: A whistle-blowing service that will enable employees to anonymously report corruption or lack of compliance has been launched. A survey by another audit firm PricewaterhouseCoopers (PWC) found that economic crimes in Kenyan organisations have been on upward trend.
The organisation can then do a comprehensive audit to verify the reports as what is reported is not necessarily factual.
Banks are competing hard for loans but the money they use to fund them is becoming more expensive. Kiwi banks might be starting to worry about a drop in profitability, a new report into the sector says. John Kensington, KPMG's head of financial services, said any drop in profit would be a concern to the banks. He said they had come under margin pressure because everyone was wanting to lend to good quality borrowers.
At the same time, international uncertainty was pushing up the cost of the banks' own borrowing. Banks would be looking at ways to address the problem, but it was possible it could mean more expensive loans for borrowers, he said. But he said banks were adept at managing such pressures and the sector was well-positioned for the future, amid a strong local economy. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.
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Odisha cabinet today gave its nod to the much awaited Industrial Policy Resolution (IPR) 2015. IPR has identified various focus sectors for the next five years, such as auto & auto components, downstream and ancillary industries, agro and food processing, IT and ESDM (electronic system design & manufacturing), tourism, civil aviation and manufacturing in aviation, pharma, handicrafts and textiles and petroleum & petro chemicals. The cabinet also gave its nod to the state capital region improvement of power system (SCRIPS) scheme with an outlay of Rs 1,500 crore. The scheme, to be implemented from 2015-16 to 2019-20, is aimed at ensuring availability of quality and uninterrupted power to the consumers in the twin cities of Bhubaneswar and Cuttack. The project envisages renovation, modernisation and expansion of the existing transmission and distribution infrastructure with an objective to ensure 24x7 power supply to all classes of consumers in the geographical areas covered under the Comprehensive Development Plan (CDP) of Bhubaneswar and Cuttack. Biju Expressway, an ambitious scheme of the state government to upgrade road connectivity in Naxal infested regions, also received the Cabinet's nod. Out of this, the state government would develop 307.44 km of roads into four-lane at an estimated cost of Rs 3,630 crore, of which land acquisition cost is Rs 611 crore.
The National Highways Authority of India (NHAI) would develop 183.2 km of this corridor while the 160 km Sambalpur-Rourkela state highway is being widened to four-lane standard on the PPP (public private partnership) mode. The consulting major rolled out the survey following the series of high-level corruption scams which have come to the fore in the recent past. It also dwells on specific topics such as the preventive mechanisms, internal controls that can be adopted, effective measures to curb the risks of corruption as well as what one can expect in the coming years.
EMI AvailableUp to 5000 page from just 10 paise per page.Buy Religare Health Insurance, No paperwork. Launched by audit firm KPMG, the service is expected to add some impetus in the fight against fraud among Kenyan organisations. Close to 72 per cent of the organisations have experienced at least one incident of asset misappropriation, according to PWC’s report. Associate Director at KPMG, Mark Bunyi, noted that getting the right information is the main obstacle in the fight against fraud, corruption and misconduct.

The electricity consumer base in the state has grown by 51 per cent in the last eight years compared to population growth of 17 per cent over the same period. The length of this economic corridor stretching from Rourkela to Jagdalpur (Chhattisgarh) is pegged at 650.64 km. To promote investments in the emerging ESDM (electronics system design and manufacturing) space, the state cabinet approved a slew of incentives. Further, if their project is financed by public sector banks, the state government would offer an interest subvention of five per cent," said P K Jena, principal secretary, IT and water resources.
While the IT department has been renamed as the department of electronics and IT, the department of employment, technical education & training would henceforth be referred to as the department of skill development and technical education.
The survey adds that 47 per cent experienced one incident of bribery and corruption, while 37 per cent relate to procurement fraud. The service enables a whistle-blower to report corruption or lack of compliance without fearing reprisal, and can be done on phone, email or web-portal the information that is reported is analysed then sent to the board of the organisation in sanitized form.
The striking feature is the grant of employment based incentives," said chief secretary G C Pati. In the subsequent Budgets, the state government would earmark Rs 350-400 crore every year for the SCRIPS. KPMG said yesterday that there has not been a permissible environment for employees to report incidents of embezzlement, fraud or corruption.
The KPMG name, logo and ‘cutting through complexity’ are registered trademarks of KPMG International. The scheme would have different components like underground cabling of important lines, smart grid and SCADA (supervisory control and data acquisition)," said Suresh C Mohapatra, principal secretary (energy).

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