1.Companies and auditors now operate in a global environment and need to be aware of potential risks that stem from subsidiaries, business partners, and network firms located outside the U.S. In the past decade, we have witnessed increasing fraud around the world due to multiple factors. Using the Internet, search for PwC Global Economic Crime Survey 2011 and answer the following questions related to fraud around the world.
a. What are the four most common types of fraud identified in the 2011 survey?
b. What percentage of organizations reported in the 2011 survey that they had experienced economic crime? Why has there been an increase in fraudulent activity since the last survey?
c. What is cybercrime? What can companies do to protect themselves from cybercrime?
d. What is suspicious transaction monitoring, and how effective is it at detecting fraud?