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

Comments

This document is provided with the permission of the author and the publisher. Permission documentation is on file.

Publisher

Financial Executives International

Volume

26

Issue

2

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