PricewaterhouseCoopers Global economic crime survey 2005, Engineering and construction (E&C) industry, is an industry-specific companion to the 2005 Global economic crime survey. In this industry survey, we have examined responses from 180 E&C companies in 26 countries.
In the past, many E&C executives have tacitly accepted fraud as one of the costs of doing business in the industry, however even a single incidence of fraud can severely undermine the critical trust relationship between various working parties, thus negatively impacting an entire project.
Our report reviews the incidence, cost (both tangible and intangible), and detection of economic crime in the industry. We stress the importance of the internal audit function, in particular ensuring that the team includes staff with field experience, and improving internal controls in detecting and deterring economic crime.
Other key messages:
- 43% of respondents have experienced some form of economic crime over the past two years
- The incidence of asset misappropriation has declined, however corruption & bribery nearly doubled over 2003, and financial misrepresentation also increased
- 38% of serious incidents of fraud were discovered by chance
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Download Global economic crime survey 2005 (621kb)