A new survey also finds that the most common way company officials detect fraud is "by accident."
So much for Sarbanes-Oxley and all of the other corporate-governance changes instituted by regulators and the stock exchanges. Nearly half of all organizations worldwide, including U.S. companies, admit they have been the victim of corporate crime in the past two years, according to PricewaterhouseCoopers's Global Economic Crime Survey 2005.
The number of companies reporting fraud increased from 37 percent to 45 percent since 2003, a 22 percent increase, according to the study. The average cost to companies was $1.7 million from what PwC calls "tangible frauds," those that result in an immediate and direct financial loss. These include asset misappropriation, false pretenses, and counterfeiting.
See full Article.
Also see the PricewaterhouseCoopers Summary and to access the Report.
Posts
