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

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.