Visit the Association of Certified Fraud Examiners. Find and open the file “2008 Report to the Nation.” Read the two page Executive Summary and fill in the following blanks.
(The report is under its Fraud Resources tab or under its About the ACFE tab [under Press Room]; we can also use the Search tab.)
1. The median loss caused by occupational frauds was $________.
2. More than ___________ of fraud cases caused at least $1 million in losses.
3. Companies lose ___% of their annual revenues to fraud; this figure translates to $______ billion in fraud losses.
4. The typical length of fraud schemes was _____ years from the time the fraud began until it was detected.
5. Companies that conducted surprise audits suffered a median loss of $________, whereas those without surprise audits had a median loss of $________.
6. The median loss suffered by companies with fewer than 100 employees was $ per scheme.
7. ______________ and _____________ were the most common small business fraud schemes.
8. ___% of respondents cited inadequate internal controls as the primary contributing factor in the frauds investigated.
9. Only ___% of the perpetrators had convictions prior to committing their frauds.