Forensic Accounting QLD announced that it will be participating in International Fraud Awareness Week, 11 – 17 November 2012 as an official supporter to promote anti-fraud awareness and education. Organizations around the world lose an estimated 5 percent of their annual revenues to fraud, according to a study conducted by the Association of Certified Fraud Examiners (ACFE).
As an official supporter of the movement (also known as “Fraud Week”), Forensic Accounting QLD joins hundreds of organizations who have partnered with the ACFE, the world's largest anti-fraud organization and premier provider of anti-fraud training and education, in a commitment to proactively fight fraud and help safeguard business and investments from this growing problem.
During Fraud Week, official supporters will engage in various activities, including: hosting fraud awareness training for employees and/or the community, conducting employee surveys to assess levels of fraud awareness within their organization, posting articles on company websites and in newsletters, and teaming with local media to highlight the problem of fraud.
Steven Ponsonby, Founding Director of Forensic Accounting QLD commented that “he and his team are being engaged more frequently these days to assist in fraud investigations”. Frustratingly, he observes that many of the frauds perpetrated could have been avoided by the implementation of a few simple internal controls”.
ACFE President and CEO James D. Ratley, CFE, said that the support of organizations around the world helps make Fraud Week an effective tool in raising anti-fraud awareness.
“While fraud prevention and detection is a year-round endeavor, International Fraud Awareness Week provides a great opportunity to spotlight this serious problem and stress the importance of anti-fraud training and education,” Ratley said. “Businesses and organizations who are involved in this campaign show an understanding that spreading awareness is key in combating the worldwide fraud threat.
“This marks the fifth year since Fraud Week became an international movement, and once again, we want to say ‘thank you’ to all of the Fraud Awareness Week supporters for making it a reality,” Ratley said.
In its 2012 Report to the Nations on Occupational Fraud & Abuse, the ACFE found that:
- Fraud schemes are extremely costly. The median loss caused by the occupational fraud cases in the ACFE study was $140,000. More than one-fifth of the frauds involved losses of at least $1 million.
- Schemes can continue for months or even years before they are detected. The frauds in the study lasted a median of 18 months before being caught.
- Occupational fraud is a global problem. Though some findings differ slightly from region to region, most of the trends in fraud schemes, perpetrator characteristics and anti-fraud controls are similar regardless of where the fraud occurred.
- Small businesses are especially vulnerable to occupational fraud. These organizations are typically lacking in anti-fraud controls compared to their larger counterparts, which makes them particularly vulnerable to fraud.
- Tips are key in detecting fraud. Occupational frauds are much more likely to be detected by tip than by any other means. This finding reinforces the need for promoting awareness to foster an informed workforce.
The 2012 Report to the Nations is available for download online at the ACFE’s web site: ACFE.com/RTTN. The Report is in PDF format.
About the Association of Certified Fraud Examiners
The ACFE is the world's largest anti-fraud organization and premier provider of anti-fraud training and education. Together with nearly 65,000 members in over 150 countries, the ACFE is reducing the incidence of fraud and providing the training and resources to fight fraud more effectively. For more information about the ACFE, visit www.ACFE.com.
Forensic Accounting QLD
With a Certified Fraud Examiner (CFE) on the team, together with our financial analysis and investigative expertise, Forensic Accounting QLD has the expertise to assist in investigating a fraud or fraud related matter. We can also assist with undertaking a business health check and recommending relevant internal controls to minimize the risk of fraud in a business.
