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Sarbanes-Oxley News & Developments
More Companies Reporting FraudFrom theft of office supplies to bid-rigging more companies are reporting fraud.
> > According to a survey by KPMG LLP of executives at more than 450 organizations found 75% had reported at least one instance of fraud this year, up 62% in 1998, the last time KPMG conducted the study. The cost of fraud is higher. Thirty-six percent of companies reported losses of $1 million or more due to fraud in 2003, compared to 21% in 1998.
A rash of corporate wrong-doing in the last several years has created greater sensitivity to fraud in general, and spurred efforts to root it out. However, with corporate governance legislation like the Sarbanes-Oxley Act, companies are confident instances of fraud will decrease.
There were more cases of employee fraud, but financial reporting and medical fraud were more expensive.
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Source: Hoovers
Published:2003-12-01
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