Spurred by new government regulations and demands by investors, more companies today are working to uncover fraud, finding it and taking action against those who commit fraud, according to a new survey by U.S. audit, tax and advisory firm KPMG LLP.
The KPMG survey showed that 75 percent of respondents report they have uncovered fraud in their organizations in the last year, compared with 62 percent of executives responding to a similar survey in 1998. Employee fraud occurred the most frequently, according to survey respondents, although financial reporting and medical/insurance fraud were much more costly. KPMG's 2003 report surveyed executives at 459 U.S. public companies, with revenues of more than $250 million, and at state and federal government agencies.
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