Fraud in a Downturn

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We are glad to present you a PricewaterhouseCoopers review of how fraud and other integrity risks affect business in CEE, Russia in 2009.

As the economy declines, new threats emerge. The recent collapse of certain investment schemes illustrates how allegations of fraud, previously undetected, emerge from the shadows.

This paper considers whether fraud and integrity threats are changing during this period of economic decline and, if so, how. Looking forward, we consider the issues that shareholders, boards of directors and audit committees need to beware of: the frauds that may emerge and the likely regulatory response. Finally, we describe the strategies enlightened organisations are implementing to manage short term risks and to enhance stakeholder value in the longer term.