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

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.