Financial Services Industry
Industry: Email Alert RSS FeedCompanies are losing 6 percent to fraud
California CPA, Sept, 2004
According to the Association of Certified 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 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 says.
The report strongly supports Sarbanes-Oxley's requirements for audit committees to establish confidential reporting mechanisms.
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For more, visit www.CFEnet.com/report.>
COPYRIGHT 2004 California Society of Certified Public Accountants
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