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.

PODCAST

What’s next for potential CPA licensure changes

A new model proposed by NASBA and the AICPA is designed with an eye on the future for newly licensed CPAs. The AICPA's Carl Mayes, CPA, provides background on the project and a look ahead to 2020.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.