Discussions about fraud in business are commonplace today. The subject of fraud is debated in boardrooms, scrutinized at all levels of management, and raised by regulators in countries around the world. Realistically though, what are companies in the transportation and logistics industry doing to prevent fraud, identify the signs of fraud, and develop antifraud programs that really work?
New regulations from the SEC and Public Company Accounting Oversight Board require senior management to implement antifraud programs and controls. A new white paper from PricewaterhouseCoopers discusses the issue of fraud in the transportation and logistics industry and identifies specific fraud schemes in detail. Some you will be familiar with, but others may surprise you and give insight into how to think about fraudulent activities and the various consequences of fraud.
How PwC can help you
PwC can work with you to develop an antifraud program and implementation plan to document your activities and prove compliance with regulations. Our five-step plan involves:
- Establishing a base line
- Conducting a fraud risk assessment
- Evaluating and testing design and operating effectiveness
- Assigning internal audit or project team to address residual risks
- Standardizing process for incident investigation and remediation
