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Corporate Fraud: It's More Prevalent Than You Think
內容大綱
Fraudulent behaviour in corporations is much more common than you might think. Indeed, the stories covered in the media are just the tip of the iceberg. The author, a Chair in Finance at the University of Toronto, shares findings from his research, which found that two out of three instances of fraud likely goes undetected. His analysis of the demise of Arthur Anderson indicates that prior to the 2002 implementation of Sarbanes Oxley (SOX), 41per cent of large public firms were misreporting their financial accounts in a material way and 10 per cent were committing securities fraud, imposing an annual cost of $254 billion on investors. He concludes that, if SOX reduced the likelihood of undertaking fraud by even 10 per cent, its high cost - estimated at $3.8 million per firm, on average - would be fully justified.