Transcription of Fraud Control - PwC
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Fraud Control - PwC
FraudA guide to its prevention,detection and Fraud is a persistent fact of business life, affecting businesses of all sizes and across all industries. Consider the following recent statistics: of Australian businesses suffered some form of Fraud between 2005 and 2007 (PricewaterhouseCoopers Economic Crime Survey 2007) Fraud costs Australian business and government $ billion a year one-third of the total cost of all crime in Australia (Australian Institute of Criminology s 2003 report, Counting the costs of crime in Australia) of Australian respondents suffered losses in excess of $1 million between 2005 and 2007 (PricewaterhouseCoopers Economic Crime Survey 2007).While there is no foolproof method of preventing Fraud , the risk can be minimised by taking a systematic and considered approach to its most organisations, internal Fraud ( Fraud committed by an organisation s employees or offi cers) is its greatest risk.
A fraud risk management framework is an essential element in meeting these corporate responsibilities of transparency and accountability. Developing such a framework is a complex task that requires an understanding of Australian Standard (AS) 8001-2003: Fraud and Corruption Control. An organisation must ensure this risk management framework
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