ACFE Assembles European Anti-Fraud Committee; Poland Dignitaries Named to Council on Occupational Fraud.

Business Editors

AUSTIN, Texas--(BUSINESS WIRE)--Oct. 2, 2003

Recognizing the increasingly prominent challenge of fraud globally, the Association of Certified Fraud Examiners (ACFE), the world's largest anti-fraud organization, announced today the formation of the Polish Council on Occupational Fraud, (PCOF) a blue-ribbon committee that will become a member of the European Council on Occupational Fraud. The PCOF is a joint effort between the public and private sectors to study the problem of fraud and to make recommendations on how to curb its enormous economic threat.

Based on findings in the Global Economic Crime Survey 2003 by PricewaterhouseCoopers, 37 % of European companies are reporting an increase in economic crime. Occupational fraud, also known as corporate fraud, management fraud or employee fraud, costs companies around the world an average of US$2,199,930 and growing. According to the ACFE's Report to the Nation on Occupational Fraud (U.S.), also known as the Wells Report, the American economy lost $600 billion last year to the problem.

Those named to the Polish Council include: Marek Balicki, Senator RP; Jerzy Buzek, Prorektor Polonia University in Czestochowa; Wlodzimierz Dzierzanowski, Wiceprezes, Urzad Zamowien Publicznych; Maciej Flemming, President of the Board Management, Polska Wytwornia Papierow Wartosciowych - PWPW; Irena Iwanowska, Radca Ministra, Urzad Komitetu Integracji Europejskiej; Tadeusz Mojsa, Zastepca Dyrektora DKKFAW of the Ministry of Finance; Lucjan Ostruszka CFE, CIA, CISA, Assistant Vice President, Internal Audit, DeutscheBank; Zbigniew Paszek, Director of SPiZ of the Krakow Economics Academy; Zenon Pauk, Podinspektor, Bureau of Criminal Investigations; Piotr Rojek, Prezes, Krajowa Izba Bieglych Rewidentow; Dr. Maciej Rudnicki of the legal firm: Rudnicki & Partners; and Adam Strzebosz, past President of the Supreme Court.

Mr. Edmund J. Saunders, CFE, FCIB, President & Chief Executive Officer, Polish Institute of Internal Control -- PIKW, was named as the ACFE's Polish representative and was instrumental in organizing the PCOF. He explains, "In my opinion, the ECOF initiative will be an exceptional means to examine the extent of the occupational fraud problem in Poland and within the larger EU context and to propose appropriate counter-measures. I am sure that this initiative will receive government support and be welcomed by the Polish public."

In addition to Poland, other national councils are currently being formed in the United Kingdom, the Czech Republic, Germany, Switzerland, Denmark, Bulgaria and The Netherlands. Additional European nations will be invited to join. The council members, representing industry segments ranging from accounting to law enforcement, will be able to provide a unique and unparalleled approach to the detection and deterrence of fraud. The PCOF will name a representative to the joint European Council that will meet periodically to make high-level policy recommendations.

ACFE founder and Chairman of the Board, Joseph T. Wells, CFE, CPA, of Austin, Texas, USA, will be traveling to Warszawa for the PCOF's organizational meeting. "Despite recent multi-billion dollar accounting frauds in the United States, fraud is a global problem," explains Wells. "But by working together toward a common goal, I am confident that we can make inroads."

Wells is one of the world's foremost experts on fraud prevention and detection. A former special agent of the U.S. Federal Bureau of Investigation, he is the author of six books and scores of articles and training programs on fraud. Wells is featured frequently in the national media, including the Wall Street Journal, the New York Times, Forbes Magazine, ABC News' 20/20, Nightline, and 60 Minutes. For the past six years in a row, Wells has been named to Accounting Today magazine's annual list of the "Top 100 Most Influential People" in accounting. In addition to his duties with the ACFE, he is a professor at the University of Texas at Austin and in 2002, the American Accounting Association named Wells the Accounting Education Innovator of the Year.

The PCOF organizational meeting will be held on 8 October 2003 in Warszawa at the Hotel Parkowa, Ul. Belwederska 46/50. A press conference will be held at 15:00, and the media is invited to attend. The inauguration of the Polish Chapter of the Association of Certified Fraud Examiners will take place at 15.30 and will be attended by Polish ACFE members, candidates and other interested parties.

About the ACFE

The Association of Certified Fraud Examiners is a global, professional organization dedicated to fighting fraud and white-collar crime, with 28,000 members in over 100 countries. Since 1988, the ACFE has been a major resource for fraud information and training. The Certified Fraud Examiner program is an internationally recognized accrediting process for individuals who possess the specialized skills required to detect, investigate, and deter fraud. For more information about the ACFE visit www.cfenet.com.