Tag: Association of Certified Fraud Examiners (ACFE)

International Fraud Awareness Week is taking place from 14-20 November, highlighting an increasing problem that organisations around the world are facing. According to the Association of Certified Fraud Examiners (ACFE), businesses lose around 5% of their annual revenue globally due to fraudulent behaviour, which experts estimate amounts to a total annual loss around the world of $3.7 trillion.

Fraud is not new or unusual. But with the evolution of technology, its definition has changed. Fraud is no longer just about misappropriated money. It now includes HR fraud, IP and data theft, and a new category defined by PwC as ‘business misconduct’ – when companies intentionally deceive the market or the general public.

Following a bruising year of corporate scandals, the AEPF Ethical Practices Survey 2018 reveals 1 in 4 believe financial success is more important than doing the right thing - while 25% in public sector say they fear for their lives when reporting wrongdoing.

Six professional bodies have embarked on a ground-breaking initiative to pool their resources and institutional knowledge to foster a culture of accountability and restore credibility to the country’s private and public sectors.

Christo Snyman | National Director of Forensic Services | Mazars | christo.snyman@mazars.co.za | www.mazars.co.za | The typical company loses around 5% of its annual revenue...