Financial Crime World

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Belgian Companies Must Step Up Efforts to Detect Financial Statement Fraud, Survey Warns

A staggering 47% of companies worldwide experienced a fraud in the past two years, according to PwC’s Global Economic Crime Survey 2020. In Belgium, where corporate scandals have made headlines in recent years, CEOs are increasingly aware of the risks of financial statement fraud.

Risks of Financial Statement Fraud in Belgium

A surprising 59% of Belgian CEOs revealed that they are concerned about their company’s preparedness to respond to a crisis. The most common types of economic crime committed in Belgium remain:

  • Customer fraud
  • Cybercrime
  • Asset misappropriation

However, many companies are also struggling with bribery issues, which often go unreported due to a lack of awareness about the consequences.

Consequences of Financial Statement Fraud

Fraud is not only financially devastating but can also cause irreparable damage to a company’s reputation, brand, and professional relationships. As such, it is essential for businesses in Belgium to take proactive steps to prevent, detect, and investigate financial statement fraud.

PwC Offers Expert Guidance on Fraud Detection

To help Belgian companies navigate the complex landscape of economic crime, PwC’s Fraud and Investigations specialists offer a range of services. These include:

  • Prevention strategies
  • Detection techniques
  • Investigation methods
  • Resolution processes tailored to each business’s specific needs.

With extensive experience and formal training, PwC’s experts can assist companies in addressing a wide array of financial statement fraud-related issues, from strategy development through execution.

Common Types of Financial Statement Fraud

Some of the most common types of financial statement fraud include:

  • Bribery and corruption
  • Corporate irregularities
  • Asset misappropriation
  • Regulatory violations
  • Improper business relationships
  • Patent and copyright infringement
  • Financial reporting fraud
  • Suspicious transactions
  • Conflicts of interest
  • Whistleblower allegations