High Risk Industries

NWC has identified several industries that are at a high risk of fraud.
Oil & Gas

Fraud is a particular concern where finance, production, sales and operations managers face pressure to deliver positive results, and companies do not put in place adequate internal controls. This is especially true in the oil and gas industry, which is currently grappling with major financial challenges.

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Coal

Growing concern about coal’s climate impacts and competition from renewable energy have put tremendous pressure on the industry to prove that it can remain a major player long-term. When companies face financial pressure, the potential for fraudulent behavior is particularly acute.

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Timber

As much as 23% to 30% of hardwood lumber and plywood traded globally could be from illegal logging activities. As the illegal timber trade continues to grow, so does opportunities for fraud in connection with timber harvesting as well as in the wood products supply chain.

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Auditing and Accounting

Investors depend on the Big Four to provide accurate accounting services and to provide independent evaluations and examinations of financial statements. However, evidence suggests that these services might not be as reliable as the firms claim.

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