Introduction:
Association of Certified Fraud Examiners:
The Association of Certified Fraud Examiners is a group of professionals who are certified and expert in detection and prevention of fraudulent activities in an organization.
To state:
Fill in the blanks by reading the two-page Executive Summary from "2016 Report to the Nations".
Given info:
1. The median loss for all cases in our study was .........., with ...........of cases causing losses of $1 million or more.
2. The typical organization loses.............of revenues in a given year as a result of fraud.
3. The median duration - the amount of time from when the fraud commenced until it was detected - for the fraud cases reported to us was ........
4. Asset misappropriation was by far the most common form of occupational fraud, occurring in more than ..........of cases, but causing the smallest median loss of .............
5. Financial statement fraud was on the other end of the spectrum, occurring in less than 10% of cases but causing a median loss of ............ Corruption cases fell in the middle, with ..........of cases and a median loss of ...........
6. The most common detection method in our study was .............(39.1%).
7. Approximately ...............of the cases reported to us targeted privately held or publicly owned companies. These for-profit organizations suffered the largest median losses among the types of organizations analyzed, at ...........and ........... respectively.
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Chapter 8 Solutions
Fundamental Accounting Principles
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