Together, Reducing Fraud Worldwide
The ACFE Corporate AllianceFraud Impacts the Bottom Line
Organizations lose an estimated five percent of their revenues each year to fraud, according to the 2012 ACFE Report to the Nations on Occupational Fraud and Abuse, and it takes them an average of 18 months to discover a fraud after it occurs.
Publicly traded companies experienced a 17 percent drop in stock price within two days of the announcement of an alleged fraud, according to COSO’s 2010 report, Fraudulent Financial Reporting: 1998-2007 — An Analysis of U.S. Public Companies.
But these are just averages. Olympus lost $3 billion in market capitalization in two days when news of a potential scandal there broke in late 2011. At its extreme, fraud can destroy entire companies – Enron, Arthur Anderson and WorldCom are just a few examples.
Having a strong anti-fraud program in place is critical to your company’s profitability – and possibly even its survival.
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Fraud and the Bottom Line
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