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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 88 / 352

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© D.L. Crumbley

Singapore Fraud Survey, 2002

Management investigation, informant notification, and good internal controls rank highly as methods of fraud detection.

76% of the frauds were perpetrated internally [management (41%) and non-management employees (35%)]

Poor internal controls, override of internal controls, and collusion between employees and third parties were the top three reasons cited as to why frauds were allowed to take place

“Red flags,” which should have alerted respondents to the fraud, were present and ignored in 29% of cases.

The main reason for not reporting fraud was lack of evidence

The typical fraudster is predominantly male within the age group of 26-40 years and has an annual income between $15,000 to $30,000. 44% of fraudsters have tertiary educational qualifications.

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