In its 2010 Report to the Nation, the Association of Certified Fraud Examiners compiled data from a study of 1.843 cases of occupational fraud and concluded the following:
Survey participants estimated that the typical organization loses 5% of its annual revenue to fraud.
The median loss caused by the occupational fraud case in our study was $160,000.
The frauds lasted a median of 18 months before being detected.
More than 85% of the fraudsters in the study had never been previously charged or convicted for a fraud-related offense.
Asset misappropriation schemes are the most common type of fraud and they represent 90% of the cases in the ACFE’s survey.
Source: Association of Certified Fraud Examiners, Report to the Nation 2010 – Summary of Findings (www.acfe.com)represent 90% of the cases in the ACFE’s survey.
A&C’s Certified Fraud Examiners (CFEs) and CPAs specialize in the detection and deterrence of corporate, organization, and external fraud schemes by providing decision makers and their legal counsel with objective and fact-based analysis to help them better respond to significant disputes, litigation, or other critical business or regulatory issues. A&C professionals regularly work closely with counsel and other stakeholders to plan and execute financial investigations related to known or suspected problems.
A&C’s team of fraud examiners and forensic accountants utilize a full range of skills and techniques to prevent, detect, and investigate a wide range of fraudulent conduct including witness interviews, document analysis, and specialized audit and investigative techniques. Internal control studies can help your organization identify weaknesses in your procedures and assist you in developing new procedures to help deter and detect fraud if it occurs. Our team of Certified Fraud Examiners and professionals Certified in Financial Forensics stands ready to assist you.