The Association of Certified Fraud Examiners (“ACFE”) published its annual report on occupational fraud and abuse covering the results from its survey analyzing the results of over 2400 cases of investigated fraud. This 92 page report is accessible online.
ACFE report, based on the surveyed cases, summarizes the:
A summary of some of the salient observations, conclusions and reported losses are presented below. But for CEOs and business owners, the full impact of the dramatic effects of this study can only be appreciated by the deeper understanding of your organizational risk and vulnerability, enhanced by serious discussion with the organizations CPA/Financial Advisor.
Business owners need to seriously take steps to protect the assets of the business. Any incident can be substantially more serious than it initially appears to be. Ask your CPA/Financial Advisor to provide feedback concerning your specific organization. The amount of the loss may only be the tip of total damages to a vulnerable organization.
Dennis P. Kremer, CPA/ABV/CFF/CGMA, CAA, CFE