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VAT On, VAT Off June 22, 2011

Posted by Audit Monkey in The Joy & Pain of Internal Audit.
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A copy of ‘Operational Risk & Regulation’ crossed my desk the other day. I wouldn’t recommend taking out a subscription, it is a very dry read. There is the odd gem though, as the publication details the top five operational risk loss events in April 2011. The source is ‘SAS Software’, though I suspect it hasn’t involved Special Forces to collate the information. It quotes BNP Paribas Fortis as losing $104million (a nice round sum) due to theft and fraud, and here’s how: