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Principles and Control for Fraud Prevention

Posted by Shannon Brozyna on Mar 1, 2017 12:00:01 PM

Occupational fraud is an increasing concern for many organizations. According to the Association of Certified Fraud Examiners’ (ACFE) 2016 Report to the Nations on Occupational Fraud and Abuse, the typical organization loses 5% of its annual revenue to fraud. If applied to the 2014 Gross World Product, this translates to a potential fraud loss of nearly $3.7 trillion. The median loss caused by occupational fraud found from their study was $150,000. Additionally, 23.2% of cases involved losses of $1 million or more. According to the report, small businesses, government and public administrations are commonly victimized and 58% percent of the victimized organizations did not recovered any of their losses due to fraud and only 12% made a full recovery.

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Topics: Fraud, Organization Fraud, Fraud Prevention, Accounting News

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