Survey shows that institutional fraud is even more prevalent today.
Oversight Systems today released the results of a national survey of 208 certified fraud examiners, which shows which types of fraud present the greatest risk to companies.
The top-level findings show that even in the more heavily regulated business environment, the incidence of fraud continues to increase. Sixty-seven percent of the respondents indicated that institutional fraud is more prevalent today than five years ago, and another 27 percent said there has been no change level of fraud activity.
The survey also asked examiners what single change would cause the greatest reduction in institutional fraud in the U.S., and while the responses were split, they were all focused on enforcement. Thirty-nine percent said that companies needed to be more vigilant about pressing charges against employees suspected of or identified in fraudulent activity. Another 32 percent said that those convicted of fraud should receive heftier sentences. Twenty-one percent said the principles of Sarbanes-Oxley needed to be applied to government agencies, non-profit organizations as well as large public companies. And only seven percent thought that stiffer laws should be passed.
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