Facing the Facts on Fraud


SURVEY SAVVY

ricewaterhouseCoopers’ 2005 “Global Economic Crime Survey” of more than 3,600 executives in 34 countries found that 45% of companies were victims of fraud—up 8 percentage points from 2003 ( www.pwcglobal.com/gx/eng/cfr/gecs/ ). Losses for all respondents exceeded $2 billion, with larger companies reporting the greatest number of incidents.

Upon discovering fraud, 81% of companies launched internal investigations and informed their boards of directors. In financial misrepresentation cases, 89% of companies investigated, but only 84% of them informed their boards and only half told their audit committees. Surprisingly, despite the growing risk, only 21% of respondents expected to be fraud victims in the next five years.

SPONSORED REPORT

CPEOs provide peace of mind around payroll services

The creation of these new IRS-certified service providers for small businesses clarifies some issues around traditional professional employer organizations.

QUIZ

8 sentences to help you master subject-verb agreement

When professionals prepare written material for readers inside their organization or outside, they should make sure that no errors distract from the message they need to convey. Take this short quiz for practice in subject-verb agreement.