Report reinforces need for SOX standards.
Position | National |
The typical organization loses 6 percent of its annual revenues to occupational fraud, according to a report from the Association of Certified Fraud Examiners.
The report strongly supports the Sarbanes-Oxley requirements for audit committees to establish confidential reporting mechanisms. Occupational frauds were much more likely to be detected by a tip than through other means such as internal audits, external audits and internal controls. Among frauds committed by owners and executives, which tend to be the most costly, over half of all cases were identified by a tip. The report also indicates that confidential reporting mechanisms can significantly reduce fraud losses.
Among cases that were detected by a tip:
** 60 percent of the tips came from employees
** 20 percent came from customers
** 16 percent came from vendors
** 13 percent came from anonymous sources.
* Editor's note: respondents were allowed multiple responses
Companies that have...
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