Need for Fraud Education

Pages: 4 (1086 words) Published: January 29, 2013
Our daily newspapers are filled with stories of fraud and financial shenanigans. It has become daily occurrence that frauds of high profile cases break out and become headlines. Case after case has become routine. The shocking publicized financial scandals have shaken the underpinnings of our economic system. In the recent years there is enormous increase in occupational fraud. We have witnessed that our national enterprises have disclosed millions of rupees in financial fraud. Millions of rupees of public money have plundered, wasted and lost annually.

Association of Certified Fraud Examiner (ACFE) based at Austin, USA is a global organization committed to fight against fraud and economic crimes worldwide. Together with nearly 65,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession in 120 countries around the world. In the crusade against the epidemic of fraud, ACFE has commemorated a week entitled, “International Fraud Awareness Week” from 11th to 17th Nov, 2012 in a bid to highlight this global issue to the forefront and bringing awareness against this huge global problem to combat with a commitment. Irrespective of the nature, extent and scope of the individuals and organizations, whether it is a rich or poor, small or medium sized entities, whether it is sole-proprietorship, partnership, privately-held company, charitable institution, NGOs or public-limited company. All individuals or entities are prone to fraud. The effects are devastating, pernicious and over-reaching; undoubtedly this menace has crossed the national frontiers.
The ACFE's 2012 Report to the Nations on Occupational Fraud and Abuse is based on data compiled from a study of 1,388 cases of occupational fraud that occurred worldwide between January 2010 and December 2011. This vital information was provided by the Certified Fraud Examiners (CFEs) who investigated those cases. The fraud...
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