Fraud Forecast: Hot and Rising
Location
CSU 253
Start Date
24-4-2006 8:45 AM
End Date
24-4-2006 10:15 AM
Student's Major
Accounting and Business Law
Student's College
Business
Mentor's Name
Robert Zelin
Mentor's Department
Accounting and Business Law
Mentor's College
Business
Description
Fraud has become one of the biggest concerns among companies and businesses today. One single case of fraud may end up costing a company over millions of dollars, hurt the company's reputation, and even put a company out of business. One survey that has tried to get a grasp on how big of a problem fraud really is among U.S. companies is the KPMG Fraud Survey of 2003. The study surveyed 450 executives in medium to large companies (250 million in revenue per year or more). Seventy-five percent of those companies revealed that they had experienced fraud within the last twelve months. Not only is fraud within companies on the rise, but the cost of fraud has been steadily increasing as well. The KPMG survey revealed that although financial reporting fraud was the least occurring (only 7%) it is the most expensive fraud with-an average cost of $250 million or more. Since the KPMG Fraud Survey of 2003 only includes medium to large companies and does not address geographical regions, my study will address the extent to which fraud is a problem in smaller companies as well as the extent to which fraud is a problem in Minnesota. I will compare my results with those of the KPMG Fraud Survey of 2003.
Fraud Forecast: Hot and Rising
CSU 253
Fraud has become one of the biggest concerns among companies and businesses today. One single case of fraud may end up costing a company over millions of dollars, hurt the company's reputation, and even put a company out of business. One survey that has tried to get a grasp on how big of a problem fraud really is among U.S. companies is the KPMG Fraud Survey of 2003. The study surveyed 450 executives in medium to large companies (250 million in revenue per year or more). Seventy-five percent of those companies revealed that they had experienced fraud within the last twelve months. Not only is fraud within companies on the rise, but the cost of fraud has been steadily increasing as well. The KPMG survey revealed that although financial reporting fraud was the least occurring (only 7%) it is the most expensive fraud with-an average cost of $250 million or more. Since the KPMG Fraud Survey of 2003 only includes medium to large companies and does not address geographical regions, my study will address the extent to which fraud is a problem in smaller companies as well as the extent to which fraud is a problem in Minnesota. I will compare my results with those of the KPMG Fraud Survey of 2003.
Recommended Citation
Hubbard, Amber A.. "Fraud Forecast: Hot and Rising." Undergraduate Research Symposium, Mankato, MN, April 24, 2006.
https://cornerstone.lib.mnsu.edu/urs/2006/oral-session-B/1
