Companies are losing 6 percent to fraud.
According to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the Association of Certified See certification. Fraud Examiners' 2004 Report to the Nation on Occupational Fraud and Abuse, a typical organization loses 6 percent of its annual revenues to occupational fraud.
If multiplied mul·ti·ply 1
v. mul·ti·plied, mul·ti·ply·ing, mul·ti·plies
v.tr.
1. To increase the amount, number, or degree of.
2. Mathematics To perform multiplication on. by the U.S. Gross Domestic Product, which in 2003 totaled just under $11 trillion, it would translate into $660 billion in annual fraud losses, the ACFE ACFE Association of Certified Fraud Examiners
ACFE Adult, Community and Further Education (Department of Education, Victoria, Australia)
ACFE American College of Forensic Examiners says.
The report strongly supports Sarbanes-Oxley's requirements for audit committees to establish confidential reporting mechanisms.
For more, visit www.CFEnet.com/report.
COPYRIGHT 2004 California Society of Certified Public Accountants
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion