Document Type
Article
Publication Date
3-1-2010
Publication Source
Financial Executive
Abstract
The biannual survey of the Association of Certified Fraud Examiners (ACFE) found that US organizations lose an estimated 7 percent of annual revenues to fraud. Based on corresponding United States GDP figures from the World Bank, this percentage indicates a staggering estimate of losses — around $994 billion — among U.S. organizations, despite increased emphasis on anti-fraud controls and recent legislation to combat fraud. As the survey suggests, almost every large and small organization is potentially susceptible to fraud risk, both internally from employee theft and corruption and externally by vendors and other third parties engaged in fraud against the organization. The recent spate of corporate governance failures further underscores the need to establish strong anti-fraud programs and controls.
Inclusive pages
66-68
ISBN/ISSN
0895-4186
Publisher
Financial Executives International
Volume
26
Issue
2
eCommons Citation
Ramamoorti, Sridhar and Dupree, Joseph, "Continuous Controls Monitoring Can Help Defer Fraud" (2010). Accounting Faculty Publications. 83.
https://ecommons.udayton.edu/acc_fac_pub/83
Comments
This document is provided with the permission of the author and the publisher. Permission documentation is on file.