Incidences of accounting fraud worldwide registered adouble-digit increase compared to two years ago but the wave ofcorporate crime expected by executives in the wake of the financialcrisis did not materialize in other areas, a survey fromPricewaterhouseCoopers reveals.

About 30% of the more than 3,000 polled executives in 54countries reported experiencing an economic crime in the previousyear, and of those, 38% reported an accounting fraud incident, upfrom 27% in 2007 and 24% in 2005. However, reports of assetmisappropriations declined slightly to 67%, from 70% in 2007, andinstances of bribery and corruption dropped to 27% from 30% in2007.

Steve Skalak, global investigations leader at PwC, notes thataccounting fraud and bribery and corruption cases typically involvelarger dollar amounts than asset misappropriation, which hedescribes as an “intractable” problem.

Continue Reading for Free

Register and gain access to:

  • Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
  • Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.