Question

DQ2. What things do you find of most interest or concern in the ACFE 2018 Report to the Nations? Were there any surprises in the report?

Answer 1

Question : What things do you find of most interest or concern in the ACFE 2018 Report to the Nations? were there any surprises in the report?

Answer: Occupational Frauds & Abuses are imprtant issues worldwide. Study was carried & report to the Nationals were released in April 2017. It was the most comprehensive report on such a burning issue all over the world.. Study suggested & concluded in its obserations that organisation losses its 5% of revenue due to such fraud & overall converted into losses of approx $ 4 trillions worldwide.. The interesting part of this study was that it covered most of the countries as well as all types of organisation from Smallest to Big one ie multinational corporations even. Besides above, its interesting to note herein that Study covered all aspects, ie. how the fraud being occurs, who and how does that fraud takes place, the victim of fraud, how detected and finally the results of the cases ie losses occurred.

The most suprising part of this report was to reveal the facts that High level Managerial peoples did the most damage. Even Owners/Executives were involved in big scams. Non-owners/executives inccurred median losses. Another surprising issue was that it was very difficult task to detect fraud, and most of the frauds were detected through tips ie again a fraud to detect the fraud. One last suprising was that Anti fraud control work & work fasters.