Professional services firm KPMG is warning that agriculture isn’t immune from fraudsters despite coming out clean in a recent survey.

The KPMG fraud barometer for the six months to June showed a significant increase in corporate fraud, but no major cases in the agribusiness sector.

But KPMG agribusiness partner Ian Proudfoot says as farming in New Zealand becomes more complex with high indebtedness and foreign investment, more shady practices are slipping under the radar.

“We do think there is fraud occurring at a lower level, and it’s important that as we change the industry structure, as you get more multiple farm ownership, that we actually do take account of that.

"We need to ensure we’re introducing internal controls and governance to provide the sort of protection farmers need for their assets.”

$572m was defrauded in New Zealand in the last six months, and Mr Proudfoot says governance standards need to improve to reverse the trend.

“We believe that governance is key to ensure not only that assets are protected, but also that the business develops and delivers its maximum potential.”