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

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

News quiz: Senate health care bill in the spotlight

Reports related to the Republican bill to repeal many provisions of the PPACA, other tax issues, and the giant AICPA ENGAGE Conference offered a diverse reading list for June. See how much you know about recent news with this short quiz.