The threat of economic crime—from simple cases of asset misappropriation to complex accounting manipulation—is more prominent than ever on the agendas of chemical company directors and financial regulators. In fact, 37 percent of chemical companies reported being victims of economic crime over the last two years, according to PricewaterhouseCoopers' Global economic crime survey 2005.
Fraud management makes good business sense, especially in light of the substantial local and national scrutiny directed toward companies in this sector. A chemical company that establishes an effective antifraud program will go a long way toward maintaining or restoring investor confidence in the integrity of its financial results. Equally important, reducing fraud will help a company to lower costs, improve profitability, protect its reputation and mitigate liability.
How PricewaterhouseCoopers can help you
PricewaterhouseCoopers' Fraud risks & controls (FR&C) practice assists clients and audit teams to mitigate reputation, legal, operational and strategic risk arising from fraud and misconduct. FR&C includes accountants, auditors and investigative attorneys who have been retrained in laws, professional standards, methodology and antifraud technologies to assess fraud and misconduct risk, develop and evaluate antifraud programs and control activities, design fraud audit detection procedures, and standardise processes for incident response and remediation.
