Accounting Fraud Surges Worldwide

Incidences of accounting fraud worldwide registered a double-digit increase compared to two years ago but the wave of corporate crime expected by executives in the wake of the financial crisis did not materialize in other areas, a survey from PricewaterhouseCoopers reveals.

About 30% of the more than 3,000 polled executives in 54 countries reported experiencing an economic crime in the previous year, and of those, 38% reported an accounting fraud incident, up from 27% in 2007 and 24% in 2005. However, reports of asset misappropriations declined slightly to 67%, from 70% in 2007, and instances of bribery and corruption dropped to 27% from 30% in 2007.

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