Despite tough regulations aimed at improving corporate governance, financial fraud is still on the rise around the world, and most is still detected by chance, a study from auditing firm PriceWaterhouseCoopers (PWC) showed on Tuesday.
Skip to next paragraph Globally, the number of companies that reported financial fraud increased 22 percent in the last two years, according to the PWC study, which conducted 3,634 interviews with corporate officers in 34 countries.
Of companies polled, 45 percent reported that they detected incidents of fraud, up from 37 percent who reported incidents in 2003. For the roughly one-third which said they could quantify the cost of the fraud, the total losses exceeded $2 billion, or an average of $1.7 million per company.
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